NextenBio Subsidiary Rosvivo Signs Joint Development Agreement for Diabetes Treatment with China Tonghua Dongbao Pharmaceutical

[Asia Economy Reporter Jang Hyowon] RosVivo Therapeutics, Inc., a subsidiary of Nexten Bio (hereinafter RosVivo), announced on the 13th that it has signed an MOU with Tonghua Dongbao Pharmaceutical in China for the development and technology export of diabetes treatments within China.

With this MOU, practical coordination of opinions for the development of RosVivo's diabetes treatment in China, where Nexten Bio is the largest shareholder, as well as discussions on investment-related cooperation and technology export, are expected to proceed.

Tonghua Dongbao Pharmaceutical, established in 1992 and located in Jilin Province, China, is a pharmaceutical company with the longest history and the largest local production scale among insulin manufacturers in China. Since 2013, Tonghua Dongbao Pharmaceutical's insulin has consistently accounted for more than 80% of total sales profits, confirming its efficacy and solidifying its position as a diabetes treatment company in China.

A Nexten Bio official stated, "We expect that this MOU signing will accelerate the development of RosVivo's diabetes treatment in China in cooperation with Tonghua Dongbao Pharmaceutical," and added, "We will actively seek companies capable of conducting clinical trial development for pipelines held by RosVivo, including diabetes treatments, non-alcoholic fatty liver disease, obesity, and COVID-19 treatments."

Meanwhile, according to the International Diabetes Federation (IDF), the number of diabetes patients in China reached 116.4 million in 2019, accounting for 11% of the adult population. Market research firm Global Market Insights projected that the diabetes treatment market will grow to $116.1 billion (131 trillion KRW) by 2023.

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