Today, Antares Pharma, Inc. announced that it has licensed its Oxybutynin Gel 3% to Daewoong Pharmaceuticals Co. Ltd., exclusively, for marketing in South Korea. Antares will receive upfront payments and regulatory and sales based milestones, in addition to royalties on net sales for the product.
The FDA-approved Oxybutynin Gel has demonstrated to be an effective and safe treatment for overactive bladder (OAB). The product’s active ingredient is delivered transdermally; as such, the liver metabolizes the product differently than orally administered oxybutynin, resulting in a low level of side effects, such as dry mouth and constipation. Clear and odorless, the product is dispensed in a metered-dose pump.
“We are very pleased to enter this collaboration with Daewoong, a leading pharmaceutical company in South Korea with over 700 sales representatives targeting urologists, general practitioners and hospitals for our oxybutynin gel product,” said Paul K. Wotton, Ph.D., Antares’ President and CEO. “This is the third partnering agreement we have signed within the past six months as we continue to execute our strategic plan with premier partners and expand the business base of Antares. It also provides a potential near term revenue generating opportunity from product sales.”
Dr. Jong Wook Lee, President and CEO of Daewoong Pharmaceuticals Co. Ltd. added, “We are very delighted to announce this collaboration with Antares and are ready to strengthen and expand our urology portfolio in Korea. There is a significant unmet medical need for OAB therapeutics in Korea. Antares’ oxybutynin gel product will provide a safe and effective therapy for OAB patients. We are dedicated to its successful development in Korea as the therapy reflects Daewoong’s long-term commitment to provide safer, more effective treatment options for OAB patients.”
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