SHANGHAI, Sept. 11, 2020 /PRNewswire/ -- Luye Pharma Group recently signed two agreements with partners in Latin America, boosting further development of the central nervous system (CNS) drugs Seroquel® (quetiapine fumarate, immediate release, IR) and Seroquel XR® (extended release formulation) in the local markets.
In the first of two agreements, Luye Pharma granted exclusive promotional rights to CAP ALTER PHARMA, INC (Alter-Pharma) for Seroquel products in 9 countries and regions including Costa Rica, Jamaica, Trinidad and Tobago, Barbados, Aruba, Curacao, Bahamas, Bermuda and The Cayman Islands. A second agreement was signed with Laboratorios Bagó, strengthening the commercial relationship between both parties through long-term partnership covering packaging and the intention to phase in local manufacturing for Seroquel products in Argentina.
Seroquel® and Seroquel XR® are atypical anti-psychotic (AAP) medicines with antidepressant 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.
Latin America is regarded as a high-potential emerging market in Luye Pharma's global strategy for CNS business development. Due to Alter-Pharma's extensive operational experience in Central America, the Caribbean and other regions, Luye Pharma believes this partnership will greatly enhance the depth and breadth of Seroquel's market coverage in the related countries and regions. Meanwhile, the packaging and manufacture partnership with Laboratorios Bagó will bring benefits to Seroquel products through more competitive production costs, while improving drug accessibility for local patients.
Luye Pharma is developing its strengths in key therapeutic areas, including CNS and oncology, continuously improving capability for global business operations, and exploring new growth potential. According to IQVIA, Latin America's pharmaceutical industry is projected to grow from $55 billion in 2018 to $76 billion in 2023, with a CAGR of 7%.
Prior to these latest agreements, Luye Pharma had granted exclusive promotion rights in Brazil and Mexico, Latin Americas largest two economies, to Moksha8. Through active collaborations such as these, the company has significantly enhanced market penetration for Seroquel products in the majority of Latin America markets.
Luye Pharma has achieved a number of milestones in the process of building a global business system for Seroquel, one of its key product in the central nervous system. The company has established a specialized team for CNS business in China, as well as in-house sales teams in Singapore and the Middle East. It has also entered into strategic agreements with local partners in various countries and regions in Asia Pacific, the Americas and Africa for the distribution and promotion of Seroquel. By leveraging powerful business networks and resources through local partners, Luye Pharma furthers global marketing for Seroquel products and lays the foundation for good market access and uptake of subsequent CNS drugs in these regions.
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. Along with a number of new drugs and new formulations in the central nervous system and oncology therapeutic areas under study in the U.S. Europe and Japan, Luye Pharma has reached high-level international standards in novel drug delivery technologies including microspheres, liposomes, and transdermal drug delivery systems, as well as actively making strategic developments in the fields of biological antibodies, cell therapies and gene therapies, among others.
Luye Pharma is developing a global supply chain of 8 manufacturing sites with over 30 production lines in total, establishing GMP quality management and international standard control systems. 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.
Alter-Pharma has 12 years of experience in Central America, the Caribbean and México. The company's expertise offers large pharmaceutical companies flexible solutions for third party promotion, distribution and logistics.
About Laboratorios Bagó
Laboratorios Bagó is a prestigious Argentine company with an 86-year track-record, highly reputed in the market for its products, services and strict quality standards. It is present through pharmaceutical companies in 20 countries, and in over 50 markets with pharmaceuticals and bulk chemicals. It has 11 manufacturing plants worldwide, a portfolio comprising more than 480 products and 85 patents obtained in 15 countries under its own research and development.
SOURCE Luye Pharma