Daewoong Pharmaceutical announced on Feb. 24 that it has signed a contract to export Envlo, an SGLT2 inhibitor-type diabetes drug, to Brazil and Mexico, the largest markets in Central and South America.
Starting with this export contract, Daewoong Pharmaceutical will actively penetrate the global market in the future. Daewoong has partnered with Moksha8 Pharmaceuticals, a biopharmaceutical platform in Latin America. The company has rebranded as M8 Pharmaceuticals.
The contract is worth approximately US$84.36 million including technology fees. Daewoong Pharmaceutical and Moksha8 aim to release the product in the second half of 2024 after an approval process.
Through this contract, Daewoong Pharmaceutical will supply Envlo to its local partner, Moksha8, and Moksha8 will be in charge of selling the drug in Brazil and Mexico. The two companies aim to release Envlo in the second half of 2024 after quickly finishing a local approval process by the end of 2023. They will strategically promote local marketing.
Moksha8 has experience in successfully selling a number of global pharmaceutical companies’ products for the digestive system, cardiovascular system, and central nervous system. It has a network of hospitals and clinics covering all regions of Brazil and Mexico and enjoyed an annual growth rate of 48 percent over the past five years.
