Contera Pharma to be Bukwang’s foothold for developing new drugs in Europe
Bukwang to develop JM-010 globally
Bukwang Pharm. announced that it acquired 100% shares of a CNS-specialized bio-venture ‘Contera Pharma (“Contera”)’ in Denmark. The acquisition process was finalized on November 24th.
Bukwang’s representative said, “with this acquisition, Bukwang is going to reinforce overseas research and development activities for its own drug candidates.” Bukwang is planning to complete preclinical studies of Contera’s JM-010 in the first quarter of 2015, after which it will initiate a phase 1 study. JM-010 is a novel candidate for treating LID (levodopa-induced dyskinesia), a movement disorder occurring due to Levodopa in Parkinson’s disease patients.
Novo Seeds and SEED Capital were major shareholders in Contera. Through this acquisition, Contera has become a wholly owned subsidiary of Bukwang, but it will remain as an independent entity in Europe and its office will stay where it is in Copenhagen, Denmark. Contera will be actively developing relationship with European scientists, research centers, pharmaceutical companies and bio-ventures as a European subsidiary of Bukwang. CEO of Contera, Dr. John Bondo Hansen commented, “Contera has been working hard to find a way to help patients who are suffering from movement disorders since its inception 4 years ago and we will continue our effort with Bukwang.”
“Acquiring Contera does not just add a new pipeline; we are also expecting to increase Bukwang’s potential to become a global pharmaceutical company,” Bukwang’s representative said.