Moberg Pharma and Menarini extend distribution agreement for Kerasal™ Nail to China
Singapore - 22 July 2013 – Moberg Pharma AB (OMX: MOB) today announced that Menarini Asia-Pacific, a member of the Menarini Group – a top 40 global pharmaceutical company – has been granted the exclusive rights to market and sell Kerasal Nail® in China. The companies now intend to seek marketing authorization for the product in the Chinese market.
Kerasal Nail® (Nalox® or Emtrix® in certain markets) is a non-prescription product for the treatment of discoloured and deformed nails resulting from fungal infection or psoriasis, with a unique mechanism of action that generates visible improvements within 2-4 weeks of treatment. The product became the market leader in the Nordic region immediately after launch in 2011 and has been launched in more than 25 countries, including the U.S. where it has a leading position.
The extended distribution agreement builds on an existing collaboration between the two company groups, which resulted in a successful launch of the product in Italy. In Asia-Pacific, Menarini is a leading regional biopharmaceutical company with over 3500 employees in 13 markets and a strong track record in launching and promoting Consumer Health brands. The global sales of the Menarini Group exceed 3 billion Euros.
China, being the world's second largest economy after the US, represents a significant long term growth opportunity for Moberg Pharma. The Chinese pharmaceutical market is projected for continued robust growth and is expected to become the second largest pharma market after the U.S. within five years. According to IMS1, 45% of the global growth in self-medication up to 2016 will come from China and South East Asia.
"We are excited by the opportunity to enter the huge and rapidly expanding Chinese market. There are challenges related to China's sheer size, business complexity, regulatory environment and infrastructure. With its profound understanding of local market conditions, Menarini Asia-Pacific is an ideal partner in this region. The extended agreement enables us to build on our successful commercial track record together with Menarini", said Peter Wolpert, CEO of Moberg Pharma AB.
"We look forward to introducing Kerasal Nail® to Chinese consumers. The product has potential to contribute strongly to our expansion within the Consumer Health market, being a compelling non-prescription product offering rapid visual improvement and an effective solution for patients with nail fungus problems", said John A. Graham, CEO at MenariniAsia-Pacific.
About this information
Moberg Pharma discloses this information pursuant to the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.30 am (CET) on July 22nd, 2013.
About Moberg Pharma AB
Moberg Pharma AB (publ) is a rapidly growing Swedish pharmaceutical company with direct sales through its own sales organization in the US and sales through distributors in more than 40 countries. The company's product portfolio includes topical products for the treatment of skin disorders and pain under the brands Kerasal®, Jointflex®, Kerasal Nail® and Kaprolac®. Kerasal Nail® (Nalox® in many markets) is the leading product for the treatment of nail disorders in the Nordic market. The portfolio is developed further through acquisitions and in-licensing of products as well as product development with focus on innovative drug delivery based on proven compounds. Moberg Pharma has offices in Stockholm and New Jersey and the company's share (OMX: MOB) is listed on the Small Cap list of the NASDAQ OMX Nordic Exchange Stockholm. For further information, please visit: www.mobergpharma.se.
About Menarini Asia-Pacific
Menarini is the world's largest Italian biopharmaceutical company with a heritage of over 127 years and nearly 17,000 employees in over 100 countries. In Asia-Pacific, Menarini's vision is to be a leading provider of important healthcare brands to improve the lives of people in the region. Menarini Asia-Pacific operates across the entire commercial value chain, from regulatory approval and product launch to lifecycle management with a diverse portfolio of proprietary and partnered brands in key therapeutic fields, including Consumer Health, Dermatology, Primary Care, Allergy/Respiratory, Cardiovascular, Oncology/Specialty Care and Men's Health. For more information about Menarini Asia-Pacific, please visit www.menariniapac.com
1 AESGP 2012: Rising tide of OTC in Europe, IMS Health