Export Achievements Following Brazil and Mexico
Daewoong Pharmaceutical announced on the 1st that it has signed an export contract for 'Enblo (generic name: Inavogliflozin)' with Russian pharmaceutical company Pharmasintez for a total of six countries in Russia and the Commonwealth of Independent States (CIS) region.
The contract is valued at approximately 60 million USD (about 77.1 billion KRW), including royalties. Daewoong Pharmaceutical plans to complete local Phase 3 clinical trials through Pharmasintez and quickly supply Enblo. Pharmasintez will sell Enblo in a total of six countries including Russia, Kazakhstan, Uzbekistan, Belarus, Azerbaijan, and Armenia in the CIS region. The contract period lasts until November 29, 2033.
Pharmasintez is one of the top five pharmaceutical companies in Russia and has a distribution and supply network throughout Russia and the CIS.
Enblo, the first domestic sodium-glucose co-transporter (SGLT)-2 inhibitor, entered eight global countries within six months after its domestic launch in May. The diabetes drug market size in Russia and the CIS region, where Enblo is entering, is estimated to be about 900 billion KRW based on IQVIA data from 2021. Among this, the market size for the SGLT-2 inhibitor class reaches approximately 140 billion KRW, showing a high growth trend with an average annual growth rate of 32% since 2019.
Vikram Punia, CEO of Pharmasintez, said, "Innovative and high-quality therapeutics are truly needed for the healthcare system and patients of the Russian Federation," adding, "We expect that Daewoong and Pharmasintez will achieve this by jointly launching a new SGLT-2 inhibitor."
Seungho Jeon, CEO of Daewoong Pharmaceutical, stated, "As the SGLT-2 inhibitor class is emerging as a trend in the global diabetes treatment market, this Enblo export contract is very meaningful," and added, "We plan to expand Enblo’s sales to 50 countries by 2030 and develop it into Korea’s top diabetes treatment."
Meanwhile, Enblo demonstrated equivalent or superior efficacy at a dose of only 0.3 mg, which is less than one-thirtieth of the dose of existing SGLT-2 inhibitors. In Phase 3 clinical trials conducted on patients with type 2 diabetes, it proved superior HbA1c and fasting blood glucose reduction effects and safety compared to existing drugs.
Daewoong Pharmaceutical has also submitted product approval applications for Enblo in Saudi Arabia, Indonesia, the Philippines, and Thailand. The company plans to enter 15 countries by 2025 and 50 countries by 2030 with Enblo.
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