Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) has signed a letter of intent (LOI) with Providence Animal Health Korea Ltd to work towards the registration, importation and commercialisation of Creso Pharma’s anibidiol® product suite for the South Korean market.
Providence Animal Health Korea is a leading supplier of pet food products in the South Korean market. The group has an established customer base focused on business-to-business (B2B) and business-to-customer (B2C) verticals.
Through its B2B channels, it covers a number of veterinary clinics, veterinarians and animal health shops in South Korea, particularly those that focus on high-end prescription diets and pet foods. The group also has a strong consumer following through its established e-commerce channels.
South Korea offers an attractive animal health market with an estimated 5.2 million dogs and more than 2.3 million cats registered as domestic pets.
Progress towards commercialisation
Under the LOI, Creso Pharma and Providence Animal Health Korea will work towards the registration, importation and commercialisation of Creso Pharma’s anibidiol® product suite.
Subject to successful product registration and the signing of a commercialisation deal, Creso hopes to see the anibidiol® range commercialised in South Korea in the first quarter of 2023.
Workstreams for registration and storage of the anibidiol® range will progress at Providence Animal Health’s GMP-certified pharmaceutical-grade facility located in Anseong, Kyunggi-do.
The facility, used by Bayer and Pfizer for medicinal storage, is one of the most advanced in South Korea.
Providence Animal Health Korea CEO Juneyoung Park said: “We are excited to launch Creso’s animal health anibidiol® line in Korea.
“We have a substantial market of pets in need of plants-based complementary feed to support the management of stress situations.”
Well-established health sciences network
Creso Pharma managing director and CEO William Lay said: “Korea is of strategic importance to Creso Pharma, as the country provides another lucrative potential market and may allow the company to further expand into the Asia-Pacific region.
“It has a very strong signalling effect to other Asian countries due to its well-established academics and university network contributing to the health sciences in animal health.
“We are very proud to work with Providence Animal Health Korea and look forward to progressing the required regulatory approvals, ahead of commercialisation.”