SEOUL -- Celltrion, a leading biotech company in South Korea, has concluded a new deal with its Israeli partner, Teva Pharmaceuticals, for the consignment production of raw material medicine for Fremanezumab, a medication used to prevent migraines in adults.
The deal for a contract manufacturing organization (CMO) that serves other companies to provide comprehensive services from development through manufacturing is worth 110 billion won ($82.8 million). The contract period is from August 19 to March 31, 2024.
Celltrion has collaborated with Teva for the production of Fremanezumab, sold under the brand name Ajovy approved for medical use in the United States in 2018 and the European Union in 2019, through technology transfer and scale-up.
"We will also do our best to continue to grow by selectively carrying out the raw material and drug CMO business targeting the global market to generate additional profits," an unnamed Celltrion official said in a statement on August 19.
Teva is in charge of marketing and selling Celltrion's biosimilars including Herzuma and Truxima in North America. Herzuma was based on Herceptin developed by Genentech, a subsidiary of Swiss pharmaceutical giant Roche. Truxima, the first biosimilar to Rituxan (rituximab), treats patients with non-Hodgkin's lymphoma, chronic lymphocytic leukemia and rheumatoid arthritis.
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