- Plans to develop JM-010 (candidate for LID), originally developed by Contera, for the global market
- Expects synergy in new drug development from Bukwang’s own R&D division and Contera’s R&D technology
Bukwang Pharm. announced that it signed on the term sheet for acquisition of Contera Pharma (“Contera”), a Denmark-based CNS-specialized bio-venture, on 17th of September.
“Contera is a bio-venture specialized in CNS area which Bukwang wishes to support as the future growth engine. Contera is developing a new drug JM-010 for a movement disorder in 60~70% of Parkinson’s patients, and additional R&D pipelines in CNS area,” Bukwang’s representative said. “Bukwang and Contera are going to round off detailed discussion on the acquisition by October and sign on the agreement in early November. After signature, Bukwang will develop JM-010 for the global market and aims to start phase 1 clinical trial within next year,” the representative added.
Also, Contera has cutting-edge R&D technology that Bukwang could expect synergy with its own research capacity. This acquisition would greatly help Bukwang to grow into a global pharmaceutical company through new drug development, which is what it is aiming to be. Bukwang is planning to operate Contera as an independent entity in Europe and employ researchers in the territory to establish a network with European bio-ventures including those in Denmark.
Many Korean pharmaceutical companies are focusing on obtaining foreign manufacturing facilities to produce their products abroad when acquiring foreign companies. However, Bukwang is aiming at obtaining R&D pipelines and licensing in new drug development technology from abroad when acquiring a foreign bio-venture. This way, Bukwang’s novel approach is expected to bring differentiation from other companies.