iX Biopharma inks agreement to distribute erectile dysfunction drug in China

PHARMACEUTICAL company iX Biopharma, through its wholly-owned subsidiary, has struck an agreement with CRPCG for the licensing, supply and distribution of Wafesil, a sublingual sildenafil wafer for the treatment of male erectile dysfunction, in China.

In a bourse filing on Thursday, the company said the new licensing agreement runs for an initial term of 10 years and will "allow both parties to tap on their collective strengths and capabilities to capture the vast opportunities in the China market".

The agreement marks the first deal between China Resources Pharmaceutical Commercial Group Co (CRPCG) and iX Biopharma following the execution of a strategic cooperation framework agreement by both parties previously announced in April 2021.

It aims to engage in all-round cooperation including licensing and joint-venture activities in respect of iX Biopharma's sublingual pharmaceutical and nutraceutical products in China, the company said.

Under the terms of the licensing agreement, CRPCG will be responsible for obtaining the marketing authorisation for Wafesil from the relevant authorities in China.

Upon registration, iX Biopharma will manufacture and supply Wafesil to CRPCG at a mutually agreed price. CRPCG will exclusively market and distribute the product in China.

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The agreement further adds that CRPCG needs to make certain upfront and licensing fee payments to iX Biopharma prior to the commercialisation of Wafesil.

Wafesil is a new dose form of sildenafil, formulated using iX Biopharma's patented sublingual drug delivery technology, WaferiX. It is a registered pharmaceutical medicine in Australia.

Eva Tan, chief commercial officer of iX Biopharma said: "China is one of the world's fastest growing healthcare markets and second largest healthcare market in the world. The deepening of our relationship with CRPCG in this manner is a significant step forward for iX Biopharma, and we believe that this will be the first of many more deals to be forged between us."

Shares of iX Biopharma ended flat at 23.5 Singapore cents on Thursday.