Daewoong Pharma ends Southeast Asia supply deal with Abbott worth KRW 69.23 billion
ABT•ABT•ABT•ABT•Daewoong’s pharmaceutical subsidiary and Abbott Products Operations agreed to terminate a Southeast Asian pitavastatin calcium tablet supply contract effective Feb. 28, 2024. The canceled contract value was KRW 69.23 billion; sales and payments totaled KRW 3.57 billion.
Daewoong’s pharmaceutical subsidiary terminated its Southeast Asian pitavastatin calcium tablet supply contract with Abbott Products Operations, effective Feb. 28, 2024. The parties agreed to end the deal amid weak local sales, business difficulties and the subsidiary’s inability to maintain Korean product authorization.
The canceled value was KRW 69.23 billion, or 8.24% of the subsidiary’s 2015 consolidated revenue. The contract began Nov. 2, 2016, and was originally valued at KRW 72.8 billion, with expiration scheduled for Nov. 2, 2026. Sales and payments received totaled KRW 3.57 billion, or 4.91% of the original value.
