Luye Pharma Grants Myung In Pharm Exclusive Rights to Commercialize Rivastigmine Twice Weekly Transdermal Patch in South Korea

YANTAI, China, Feb. 5, 2024 /PRNewswire/ -- Luye Pharma Group has entered into an agreement with Myung In Pharm, granting the latter the exclusive rights to commercialize Rivastigmine Twice Weekly Transdermal Patch in South Korea. Developed by Luye Pharma, this drug is used to treat mild to moderate dementia associated with Alzheimer's disease (AD).

The agreement for the collaboration was signed at a ceremony attended by executives from both sides. Dianbo Liu, Chairman of the Board of Directors of Luye Life Sciences Group, Dr. Yehong Zhang, President of Luye Pharma (International), and Andy Siow, APAC VP of Luye Pharma (International), attended the ceremony on behalf of Luye Pharma. Hang-Myung Lee, Chairman of Myung In Pharm, Jae Hyuk Kim, President and Plant Manager of Myung In Pharm, Jung Uk Lee, BD Director of Myung In Pharm, and Wonmo Suh, BD Manager of Myung In Pharm attended the ceremony on behalf of Myung In Pharm.

AD has become a major public health challenge worldwide. In South Korea, AD cases are constantly growing along with population aging^[1][2]. Treating AD is challenging due to conditions such as dysmnesia and dementia associated with the disease. In clinical practice, treatment outcomes can be significantly compromised due to poor patient compliance, high withdrawal rates caused by adverse events, medication management issues, etc. This poses a heavy burden to AD patients and their caregivers both physically and financially.

Rivastigmine is a first-line treatment for mild to moderate AD. The Rivastigmine Twice Weekly Transdermal Patch employs an innovative drug delivery system for rivastigmine -- it is administered transdermally twice a week. Compared with the daily-use rivastigmine patches currently available in the marketplace, these patches are used less frequently, and therefore are able to increase patient compliance. Compared with oral formulations, transdermal patches allow rivastigmine to be absorbed by skin. This is convenient for patients with dysphagia or difficulty swallowing. Besides, patches also have the potential to reduce adverse gastrointestinal reactions such as nausea and vomiting.

Myung In Pharm is a leader in South Korea in the central nervous system (CNS) therapeutic area. The company has a strong portfolio targeting CNS diseases. Speaking about the collaboration, Hang-Myung Lee, Chairman of Myung In Pharm, said: "AD is a debilitating disease with a growing patient population here and few treatment options available. We are excited to partner with Luye Pharma to meet patients' unmet treatment needs with this easy-to-administer, innovative product. CNS is our core therapeutic area, and the Rivastigmine Twice Weekly Transdermal Patch will be a valuable and differentiated addition to our portfolio, further strengthening our leading position in the therapeutic area."

"I believe that with Myung In Pharm's extensive experience and expertise in the CNS therapeutic area as well as its strong operational network in South Korea, local patients will be able to benefit from our Rivastigmine Twice Weekly Transdermal Patch very quickly after it's approved for marketing," said Andy Siow, APAC VP of Luye Pharma (International). "This is an exciting opportunity for us to collaborate with Myung In Pharm, as we are reciprocal to each other in the CNS therapeutic area. Over the years, we have built a strong portfolio in this therapeutic area too. We look forward to expanding our partnerships in South Korea and bringing many more of our CNS products to serve the local patients."

Luye Pharma develops and commercializes its Rivastigmine Twice Weekly Transdermal Patch globally. The product has been approved for marketing in multiple European countries and China. The company is also collaborating with local partners in some European countries as well as Japan, China, Mexico and Thailand to develop or commercialize the product.

About Luye Pharma Group

Luye Pharma Group is an international pharmaceutical company dedicated to the R&D, manufacturing and sale of innovative medications. The company has established R&D centers in China, the U.S. and Europe, with a robust pipeline of over 30 drug candidates in China and more than 10 drug candidates in other international markets. Luye Pharma maintains high-level international standards in novel drug delivery technologies including microspheres, liposomes, and transdermal drug delivery systems. The company has also achieved multiple innovations in new chemical entities and antibodies, and is actively making strategic developments in the fields of cell therapies and gene therapies.

Luye Pharma is developing a global supply chain of 8 manufacturing sites built up around the world, with GMP quality management and control systems established in line with international standards. With more than 30 products covering the central nervous system, oncology, cardiovascular, metabolism and other therapeutic areas, business is conducted in over 80 countries and regions around the world, including the largest pharmaceutical markets - China, the U.S., Europe and Japan, as well as in fast growing emerging markets.

Myung In Pharm

Myung In Pharm is a fully integrated pharmaceutical company established in 1985, in Seoul, the Republic of Korea. The company's line of business includes the manufacturing, fabricating, and processing of pharmaceutical drugs. Myung In Pharm is ranked number one in Korea in the CNS area. It has customer relationships with 1,200 neurologists and 98% of domestic neurology hospital departments. It operates state-of-the-art manufacturing facilities with the most advanced equipment to manufacture products to ensure drug quality. All its facilities are designed to meet cGMP standards.

SOURCE Luye Pharma Group