Innovus Pharmaceuticals, an emerging OTC consumer goods and specialty pharmaceutical company, has announced that its partner J&H Co. Ltd, a South Korean company (J&H), received approval to commercialize Zestra from the Korean Government. Innovus Pharma announced on November 29, 2016 the signing of an exclusive license and distribution agreement with J&H for the commercialization of Zestra in South Korea. The exclusive ten-year agreement includes a minimum of $2 million per year in sales of Zestra to the company for a total of $20 million over the life of the ten-year term of the agreement.
“We are pleased with the expedited process taken by our partner to secure approval to import and commercialize Zestra in South Korea and we look forward to shipping our first product to that country this month,” said Innovus Pharma chief executive officer, Dr Bassam Damaj.
Zestra is currently exclusively partnered with Orimed Pharma in Canada, DanaLife in select European markets, Sothema Labs for the Middle East and North Africa, Elis Pharma in Turkey and certain select markets, Oz Biogenics for Myanmar and Vietnam, Biotask in Malaysia, J&H in South Korea and non-exclusively to PT Laras Bumi Resources, LTD in Hong Kong.
Zestra is currently approved to be marketed and sold in Canada, India, Hong Kong, the United Arab Emirates (UAE), the United Kingdom, Morocco and South Korea. In addition to the United States, the largest market for Zestra, Innovus Pharma currently generates Zestra revenues from the following markets: Canada, Morocco, certain European countries and Hong Kong.