MOROCCO – Moroccan pharmaceutical distributor Cooper Pharma has signed a ten-year licensing and distribution agreement with South Korean drug maker Daewoong Pharmaceutical Co., Ltd in a deal worth up to US$20.32 million (nearly KRW27 billion).
The agreement was presided over by Mr. Seng-Ho Jeon, the President, Chief Executive Officer, and Director of Daewoong Pharmaceutical, Lee Chang-jae, the Co-Chief Executive Officer of Daewoong Pharmaceutical, and Ayman Cheikh Lahlou, the CEO of Cooper Pharma.
The goal of the strategic partnership is to market and distribute Daewoong Pharmaceutical’s Fexuprazan in the sub-region of North Africa, including Morocco.
Fexuprazan is a potassium-competitive acid blocker (P-CAB) type of drug indicated for patients with gastroesophageal reflux disease (GERD).
Under the terms of this exclusive agreement, Daewoong Pharmaceutical’s Fexuprazan will be available on the Moroccan market as early as 2025.
In a press release, the South Korean drugmaker said: “Fexuprazan, in particular, features fast and stable suppression of gastric acid regardless of food intake and the longest half-life of 9 hours among P-CABs, meaning that the treatment has a longer duration action than other drugs.”
Cooper Pharma will hold the marketing authorization and be responsible for registering, importing, and distributing Fexuprazan in Morocco.
The Moroccan manufacturer will also oversee the commercialization activities of this potassium-competitive acid blocker-type drug across the country.
“Cooper Pharma will carry out active marketing campaigns for the sale of Fexuprazan for a term of 10 years in the Moroccan market,” Daewoong Pharmaceutical said in a statement.
The new licensing and distribution agreement with Daewoong Pharmaceutical will allow Cooper Pharma to further cement its position as the leading pharmaceutical company in Morocco.
Since its inception in 1933, Cooper Pharma has emerged as the leader of pharmaceutical distributors in Morocco.
The Moroccan company has a wide presence in various countries across Africa, Europe, and the Middle East including Rwanda, the Ivory Coast, the United Arab Emirates, the Kingdom of Saudi Arabia, the Czech Republic, and Spain.
Based in Casablanca, Cooper Pharma has revenues of roughly US$300 million and employs more than 1,500 employees including subsidiaries, local joint ventures, and abroad.
Cooper Pharma has rapidly expanded its businesses in the pharmaceutical industry, keeping its number one ranking position in Morocco’s Producer Price Indices.
This new distribution deal comes as the Producer Price Index (PPI) for Morocco was estimated to be around KRW75.5 billion (US$59 million) in revenue last year.
In an aim to scale up its presence in the Moroccan market, South Korean drug maker Daewoong Pharmaceutical has tapped Cooper Pharma as the exclusive distributor for the former’s Fexuprazan.
Daewoong Pharmaceutical is set to increase access to the P-CAB drug Fexuprazan in the African pharmaceutical market for gastroesophageal reflux disease.
“Daewoong intends to propose a new innovative solution to GERD drugs building on Cooper Pharma’s significant market dominance and network,” stated the South Korean drug maker.
Daewoong Pharmaceutical aims to expand its network in North African countries as it looks to scale up its presence in Morocco, the second-largest pharmaceutical market in this region.
The ten-year licensing and distribution agreement with Cooper Pharma will build on Daewoong Pharmaceutical’s strategic plan to increase value on the global market for treating gastroesophageal reflux diseases.
Speaking on the latest distribution agreement, Mr. Seng-Ho Jeon, CEO of Daewoong Pharmaceutical, stated: “It is inspiring that we have entered the African market in just less than a year after the launch of Fexuprazan in Korea. We will continue to show the strength of Fexuprazan and make it grow into a global blockbuster.”
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