Alvogen Korea Co., Ltd. (“Alvogen Korea”), the subsidiary of Lotus in Korea which rebranded with Dream Pharma and Kunwha Pharmaceuticals merged on June 1st, 2015, today announces that it has signed an exclusive marketing alliance agreement with AstraZeneca Korea to have the exclusive marketing right for domestic sales of Seroquel, a therapeutic drug for schizophrenia developed by AstraZeneca.
Seroquel is a therapeutic drug for bipolar disorder and schizophrenia which has possesses the leading position in antipsychotic medication market since its first launch in Korea in 2001. With two dosage forms, immediate release for twice a day and extended release for once a day, Seroquel is one of the most commonly used prescription for major depression disorders for the benefits of patients.
“We are truly honored to have the opportunity working with AstraZeneca for such a great product,” commented Renaat Janssen, EVP of Alvogen APAC and CEO of Lotus, “by introducing Seroquel, a brand product with high awareness to psychiatrists, into our product portfolio, we are well-positioned to establish a solid foothold in domestic CNS market and strategically penetrate the neuroscience specialty by focusing on mental clinics. This alliance also makes a significant milestone for Lotus to further expand its business effectively and efficiently in a strategic sense. We will keep looking for opportunities that maximize the benefits of patients as well as the value of shareholders’ equities.”
Liz Chatwin, Country President of AstraZeneca Korea said “Seroquel has played an important role for Korean patients with schizophrenia, bipolar disorder and major depressive disorder since 2001. We’re pleased to enter into this agreement for Seroquel with Alvogen Korea, whose expertise will help ensure Seroquel continues to contribute to the health of these patients.”