SHANGHAI, Feb. 9, 2022 /PRNewswire/ -- Luye Pharma Group announced today that it has entered into an agreement with Laboratorio LIBRA, under which the company grants Laboratorio LIBRA the exclusive rights to market its innovative CNS (central nervous system) drugs Seroquel (quetiapine fumarate, immediate release) and Seroquel XR (extended release formulation) in Chile.
Latin America is a high-potential emerging market for Luye Pharma's global development strategy. The company is expanding its international business operations through strategic therapeutic areas such as CNS and oncology, strengthening its global commercial capabilities and increasing product competitiveness in the process. Seroquel and Seroquel XR, for the treatment of schizophrenia and bipolar disorder, are core products from Luye Pharma's CNS portfolio. Seroquel XR is also approved in some markets for the treatment of major depressive disorder and generalized anxiety disorder.
Luye Pharma's exclusive marketing agreement with Laboratorio LIBRA for Seroquel products in Chile further increases the company's business footprint in Latin America. As a prominent pharmaceutical company in the region with branch organizations in multiple countries, Laboratorio LIBRA's operations in Chile have a wealth of knowledge and experience in CNS therapeutics, having built up professional sales and marketing forces, abundant commercial operation capabilities and nation-wide distribution coverage in the country. The collaboration will help expand the coverage of Seroquel products in the local market, increasing accessibility to local patients.
Chile is one of the fastest-growing economies in Latin America, prominently positioned in terms of its per capita GDP and comprehensive healthcare system. An expanding business presence in Chile will give further impetus to Luye Pharma's Latin American market penetration and increasing influence in the region.
Latin America offers attractive market prospects and is considered by Luye Pharma as a high-potential emerging market for the development of the company's global CNS business. Luye Pharma has previously entered a number of agreements with Latin American business partners, including Moksha8 and Alter-Pharma, to market Seroquel products in more than 10 countries across the region, including Brazil, Mexico and Costa Rica. As part of a deal in Argentina, the two Seroquel products are packaged locally through a partnership with Laboratorios Bagó. Partnerships like these help to increase the accessibility of Seroquel products, and lay a solid foundation for the marketing of Luye Pharma's subsequent CNS drugs in Latin America's major pharmaceutical markets.
About Luye Pharma Group
Luye Pharma Group is an international pharmaceutical company dedicated to the R&D, manufacturing and sale of innovative medications. The company has established R&D centers in China, the U.S. and Europe, with a robust pipeline of over 30 drug candidates in China and more than 10 drug candidates in other international markets. Along with a number of new drugs and new formulations in the central nervous system and oncology therapeutic areas under study in the U.S. Europe and Japan, Luye Pharma has reached high-level international standards in novel drug delivery technologies including microspheres, liposomes, and transdermal drug delivery systems, as well as actively making strategic developments in the fields of biological antibodies, cell therapies and gene therapies, among others.
Luye Pharma is developing a global supply chain of 8 manufacturing sites with over 30 production lines in total, establishing GMP quality management and international standard control systems. With more than 30 products covering the central nervous system, oncology, cardiovascular, metabolism and other therapeutic areas, business is conducted in over 80 countries and regions around the world, including the largest pharmaceutical markets - China, the U.S., Europe and Japan, as well as in fast growing emerging markets.
