Dong Kook Lifescience said on the 1st that it signed a memorandum of understanding (MOU) for a strategic partnership with China's Zhejiang Tianyu Pharmaceutical.
Through this agreement, the two sides will cooperate in local Chinese marketing, sales, and distribution, centering on contrast agents, Dong Kook Lifescience's flagship products. After entry into the Chinese market, they plan to expand to joint clinical trials and regulatory cooperation.
Dong Kook Lifescience is a leading company in Korea's radiology field, with production, sales, marketing, and distribution capabilities for magnetic resonance imaging (MRI) and computed tomography (CT) contrast agents, Lunit's artificial intelligence (AI) solutions, Canon's ultrasound equipment, and Hologic's 3D mammography equipment. It holds the No. 1 market share in Korea's contrast agent market and has secured approvals in 25 countries, including Japan and Europe.
Based on this agreement, the company plans to further discuss signing definitive contracts in seven areas, including joint development of new MRI contrast agents, joint development of active pharmaceutical ingredients, and exports of finished pharmaceuticals.
The global contrast agent market is growing at more than 5% annually, and the market size is expected to reach about 17.4 trillion won in 2031.
Zhejiang Tianyu Pharmaceutical is a pharmaceutical company headquartered in Taizhou, Zhejiang Province, China, focusing on the development, manufacturing, and sales of medicines. Last year's revenue was about 2.75 billion yuan (570.9 billion won).
Park Jae-won, CEO of Dong Kook Lifescience, said, "It is significant that a leading Chinese company recognized the competitiveness of our contrast agents and proposed cooperation," adding, "With this agreement as a starting point, we will accelerate our entry into the Chinese domestic market and the global market to create a turning point for a quantum jump."
Tu Wanlu, president of Tianyu Group, said, "By introducing Dong Kook Lifescience's outstanding contrast agents and new businesses to the Chinese market, this will be an opportunity for both sides to rise globally," adding, "Through technological cooperation, we can achieve a mutual win-win."