Weifa has in-licensed a patented fixed-combination product line within pain management from AFT Pharmaceuticals ("AFT") in New Zealand. The agreement gives rights to commercialize the products in the entire Nordic region (Norway, Sweden, Denmark, Finland and Iceland).
The product line consists of a patented fixed ratio of ibuprofen and paracetamol, and covers tablet, sachet and oral liquid formulations. The products are indicated for acute pain and fever conditions, and will be marketed under Weifa's own brand name.
AFT Managing Director, Dr Hartley Atkinson, says "AFT is particularly pleased to expand its existing relationship with Weifa. Weifa has expertise in the pain management field, as well as in consumer health markets across the Nordic region. These markets are quite sizable, US$165M1, and we look forward to taking substantial market share through our alliance with Weifa. We aim to launch this coming FY2018 time period".
"We are delighted to sign this new alliance agreement with AFT. AFT's product line represents a unique novelty for the Nordic market and will contribute greatly to Weifa's analgesic portfolio. The success of our Nordic strategy depends on the commercialization of highly innovative products which meet the needs of consumers and pharmacies" says Kathrine Gamborg Andreassen, Chief Executive Officer at Weifa.
AFT Pharmaceuticals is an Australasian based Pharmaceutical Company listed on the New Zealand and Australian stock exchanges with a market capitalization of circa US$190m. AFT develops pharmaceutical products in the areas of analgesics, treatment of cold & flu, treatment of chronic sinusitis, dermatology and drug delivery. AFT has a significant local sales presence in Australia and New Zealand with developing sales in Singapore and Malaysia. For further information, please visit: www.aftpharm.com
Weifa is Norway's leading consumer health company. We supply real value through medicines, lifestyle products and solutions that address the essential needs of consumers, customers and professional partners. Weifa was founded in 1940 and now employs about 30 highly qualified people at our headquarters in Oslo. The company has a strong position in Norway and is the market leader in pain relief, with well-established brands such as Paracet and Ibux. We are also present in other key areas such as dietary supplements and treatment for colds and respiratory problems. Weifa is listed on the Oslo Børs (ticker WEIFA). For further information, please visit: www.weifa.no
Footnote 1: IMS World Review Pack [Aug 2015] Paracetamol and Ibuprofen tablet market for Nordic countries but excluding Denmark and Iceland]
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Source: Weifa ASA via Globenewswire