MONTREAL, Jan. 2, 2013 /CNW/ - Montreal's Pharmascience Inc. and Korea
Kolmar Holdings, based in Seoul, Korea, today announced they have
entered into an agreement to create a new company, Pharmascience Korea,
which expects to launch Canadian-made bio-equivalent medicines in the
country by 2014.
The two companies will contribute equal capital amounts into
Pharmascience Korea, which will seek approval of the Korea Food and
Drug Administration to market a variety of Pharmascience bio-equivalent
medicines in Korea by mid-2014. The initial product portfolio will
focus on central nervous system medications to treat a variety of
The products will be manufactured by Pharmascience at its
state-of-the-art facility in Montreal which recently underwent a
significant expansion and upgrade involving an investment of $40
"This collaboration allows Pharmascience to establish a significant
presence in the important Korean pharmaceutical market, and is
consistent with our strategy of expanding the Pharmascience presence
internationally and creating an opportunity to increase the level of
exports from our Montreal manufacturing facility," said David Goodman,
Chief Executive Officer of Pharmascience Inc.
"Kolmar is a very successful company in Korea with great reputation and
values like those of Pharmascience, making for a great fit between the
two organizations," said Trevor Arsenault, Vice-President,
Pharmascience International Division. "Their local expertise is a key
asset in this partnership and we anticipate great success from this
Dong-han Yoon, Founder and Chairman of the Board of Korea Kolmar
Holdings, said, "We are very pleased to enter into this important
partnership with Pharmascience which will allow us to bring their
high-quality, Canadian-made medicines to patients in Korea."
The Korean bio-equivalent drug market is ranked the 13th largest in the
world while that of Canada is ranked 10th. Management of the new
company will be announced shortly.
COSMO USA IBRC, Inc. (www.cosmo-usa.com), a life sciences industry consulting company, served an integral role
in bringing Pharmascience and Kolmar Korea together for this agreement.
Important support was also received from KOTRA (Korea Trade-Investment
Promotion Agency) Toronto of the Consulate General of the Republic of
Korea, Commercial Section, as well as the Canadian Trade Commissioner
in Canada and South Korea.
About Korea Kolmar Co. Ltd.
A subsidiary of Korea Kolmar Holdings, Korea Kolmar Co. Ltd. was founded
in 1990 and is a major manufacturer of cosmetics and pharmaceutical
products. It is Korea's largest cosmetics manufacturer, responsible for
almost one third of all cosmetics sold in the country. Its
Pharmaceutical division is responsible for about 30 per cent of company
sales. The company has 700 employees and had revenues in 2011 of US$300
million, an increase of 20 per cent over 2010. www.kolmar.co.kr/ENG/company/ceo.html.
About Pharmascience Inc.
Founded in 1983 in Montreal, where its headquarters remain, privately
held Pharmascience Inc. is Canada's third largest manufacturer of
bio-equivalent medicines, with annual sales exceeding US$700 million.
Through its International Division, its products are exported to 60
countries around the world. It also makes and distributes patented
prescription and over-the-counter treatments through its Pendopharm
division while its Aegera Therapeutics unit is researching innovative
new biotechnology therapies. Pharmascience is one of Canada's leading
corporate investors in research and development and employs more than
1,300 people, primarily in Montreal. Over the past five years,
Pharmascience has donated products with a wholesale value of $23.5
million for overseas humanitarian use, making it one of the most
generous product donors in the Canadian pharmaceutical industry. www.pharmascience.com.
SOURCE: Pharmascience Inc.
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