Ras Al Khaimah-based Gulf Pharmaceuticals Industries (Julphar) has signed a licence and production agreement with Paris-based Quantum Genomics for fibrostat, a drug for resistant or difficult to treat hypertension and heart failure.
Under the agreement, Julphar will be the exclusive manufacturing and commercialisation partner for the drug in the Middle East and Africa, as well as Turkey and the Commonwealth of Independent States (CIS).
In a statement to Abu Dhabi Securities Exchange (ADX) Julphar said the drug addresses 25 percent of the hypertension market, which was worth $1.2 billion in 2020 in the MENA region and Turkey alone.
“The product is expected to contribute substantially to Julphar’s sales and profit performance after its market launch in 2024,” the company said in its statement.
“Julphar agreed to $5 million upfront and development milestone payments and $2 million equity investment during the development phase plus royalties and sales milestone payments during the commercialisation of the product.”
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
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