Following the five-year strategy and developing one of the main therapeutic areas, JSC Olainfarm and Adalvo have signed a licensing and supply agreement to launch a new product in the urology segment which is targeted to be the 1st to market opportunity in all of these markets. The prescription product will help millions of patients in 17 different countries to regain ease and quality of life.
In partnership Olainfarm will manage product regulatory affairs, distribution and promotion in Latvia, Russia, Kazakhstan, Belarus, Ukraine, and other countries of current presence and Adalvo will be responsible for development, manufacturing and will support Olainfarm for its market access activities in all the markets. Currently, Olainfarm has established a sustainable business model in the EU and CIS countries with more than 300 medical and marketing professionals. Full commercialization of this prescription product is expected to be in 2022-2023.
"We are very pleased to be in this partnership with Adalvo! Regardless of age, gender, or ethnicity, a person can experience urologic problems. Acute and recurrent urological problems in men and women require immediate attention from healthcare professionals and in such situations, doctors need to use modern and effective medical therapy. Urology has always been in the focus of our development and marketing activities, and we believe that our new offering will help doctors to treat their patients safely and effectively," says Elena Bushberg, Member of the Management Board of JSC Olainfarm, CEO of Olainfarm, a part of Olainfarm Group companies.
"Adalvo is delighted to partner with such a strong regional player like Olainfarm for one of Adalvo's first to market urology asset which is currently being manufactured in our facilities located in the U.S. Olainfarm's focus on urology space and tremendous outreach in their markets will guarantee the best possible coverage and will ensure this differentiated product to reach millions of patient in the region" says Anil Okay, CEO of ADALVO - a part of Alvogen Group Companies.
JSC Olainfarm, a part of Olainfarm Group, is one of the leading pharmaceutical companies in the Baltic States offering high quality medicine and chemical pharmaceutical products. The business strategy "FORWARD" highlights the company's main vision - to become one of the TOP10 Central and Eastern European manufacturing companies by 2025.
Adalvo, a part of Alvogen Group, is one of the leading B2B pharmaceutical companies in Europe. Adalvo is fueled by its passion for relentless commitment to the partner network we serve and living with its mission to be Always on Target!
Additional information:
Janis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com
