MEDIPOST announced that they have signed licensing agreement for cartilage regeneration stem cell treatment drug with Alkem, an Indian pharmaceutical company.

This is the first stem cell treatment drug developed in Korea to progress into India. Through this agreement, MEDIPOST assigned the exclusive sales right and distribution right for ‘CARTISTEM^®’ in India to Alkem, and they will receive not only profit from sales but also separate license fee and technological fee per stage (milestone).

Furthermore, in this agreement, Alkem is to proceed with and take full responsibility of clinical study and permit of ‘CARTISTEM^®’ in India.

MEDIPOST is planning to launch the product within 3-4 years after local clinical study and obtaining permit from DCGI, and is forecasting that the total sales for 10 years after launching will be KRW 40 billion as at the accumulated export price.

Alkem which signed the agreement with MEDIPOST is one of the top 10 Indian pharmaceutical companies, responsible for production and distribution of prescription medicine for 40 years, and have been in a number of partnerships with Korean pharmaceutical companies.

India is one of the largest market in the Asian region together with China, and MEDIPOST is anticipating that with such a great partner the clinical study and administrative procedure will be smooth.

Local supply of ‘CARTISTEM^®’ will be carried out by MEDIPOST producing the raw ingredients at the Seoul GMP facility and sending to India, and Alkem will manufacture it into finished product at the local facility in Mumbai.

On the other hand, before such, MEDIPOST signed licensing agreement for ‘CARTISTEM^®’ with Hong Kong and Macao in November and with Australia and New Zealand February, and is known to be in the process of negotiating for licensing agreement with a number of countries.