- Alvogen Korea holds the marketing authorization for Seroquel® and Seroquel XR® following its exclusive domestic distribution and marketing rights, granted by Luye Pharma.
- With this partnership, Alvogen Korea expects to further enhance their position in the CNS medication field, achieving steady growth in the market.
Lotus Pharmaceutical Co., Ltd. (“Lotus” or “the Company”, Taiwan TWSE ticker: 1795) today announced that its Korean subsidiary, Alvogen Korea, have entered into a distribution and marketing authorization agreement with Luye Pharma for Seroquel and Seroquel XR tablets (active ingredient: quetiapine fumarate) exclusively in Korea.
Pursuant to the agreement, Alvogen Korea has become the exclusive distributor, marketing partner and marketing authorization holder for Seroquel and Seroquel XR tablets from Luye Pharma. Alvogen Korea have already been marketing Seroquel and Seroquel XR tablets, under a contract which was signed with AstraZeneca in October 2015, which granted them the exclusive marketing rights for the domestic sales of the products. Alvogen Korea plans to further solidify its position in the domestic CNS medication market by taking over the rights for Seroquel and Seroquel XR tablets that AstraZeneca subsequently sold to Luye Pharma in 2018.
Petar Vazharov, Chief Executive Officer of Lotus, commented:
The agreement with Luye Pharma is an important milestone for securing our CNS franchise in Korea in a high growth therapeutic area of the Korean pharmaceutical market. We have had a continuous strong performance with Seroquel since 2015 and we are confident that this trend will continue in 2020 and beyond.
Seroquel® (quetiapine fumarate, immediate release, IR) and Seroquel XR® (extended release formulation) are atypical, anti-psychotic medicines with anti-depressive properties. The main indications for Seroquel are the treatment of schizophrenia and bipolar disorder. Seroquel XR is also approved in some markets for major depressive disorder and generalized anxiety disorder. Last year, Seroquel had sales revenue of KRW12.9 billion (based on the IQVIA data) in Korea.