Celltrion Inc., a major South Korean biopharmaceutical firm, said Friday it has secured a 110 billion-won ($83 million) drug substance supply deal from Teva Pharmaceutical Industries Ltd. for use in producing the Israel-based generic drugmaker's migraine medicine.
Under the contract manufacturing organization (CMO) deal, Celltrion will provide drug substance material for Ajovy, Teva's prescription medicine used for the preventive treatment of migraine in adults.
The deal is approximately worth 5.8 percent of the South Korean company's annual sales in 2021. A Celltrion official declined to identify the drug substance material, citing company policy.
The Incheon-based South Korean bio company has been in discussions with Teva to produce Ajovy since 2015.
When including the latest deal, the South Korean company has secured 353 billion won worth of supply contracts from the Israeli multinational firm.
Teva is a North American operational partner of Celltrion. Teva handles marketing and sales of Celltrion's blood cancer treatment Truxima and breast cancer treatment Herzuma in the region. (Yonhap)