Daewoong Pharmaceutical, represented by Seung-ho Jeon and Chang-Jae Lee, announced on December 1st the signing of an export agreement with Russian pharmaceutical company 'JSC Pharmasyntez.' This agreement facilitates entry into six countries within the Russia and Commonwealth of Independent States (CIS) region, with the contract totaling approximately $60 million, inclusive of royalties.

The collaboration with JSC Pharmasyntez enables Daewoong to conduct local phase 3 clinical trials and expedite the supply of Envlo, its medication. Beyond Russia, JSC Pharmasyntez operates in Kazakhstan, Uzbekistan, Belarus, Azerbaijan, and Armenia within the CIS, amplifying the potential reach of Envlo.

Renowned for its presence in Russia, Pharmasyntez boasts a comprehensive distribution network spanning the entire CIS region.

Vikram Punia, CEO of JSC Pharmasyntez, emphasized the critical need for innovative and high-quality treatments within the Russian healthcare system, expressing confidence in achieving this through the collaborative efforts of Daewoong Pharmaceutical and JCS Pharmasyntez in launching a new SGLT-2 inhibitor.

Moreover, Daewoong Pharmaceutical has initiated the submission of Envlo for product approval in Saudi Arabia, Indonesia, the Philippines, and Thailand, strategically expanding its market presence across the Middle East and ASEAN regions. The company is steadfast in its goal to introduce Envlo to 15 countries by 2025 and 50 countries by 2030, positioning it as South Korea's premier diabetes treatment.