DURHAM, N.C., Oct. 22, 2013 /PRNewswire/ -- CoLucid Pharmaceuticals, Inc., and ILDONG Pharmaceutical Co., Ltd., announced today that they have entered into a distribution and supply agreement for Lasmiditan in South Korea and Southeast Asia.
Under the terms of the agreement, CoLucid will receive upfront and milestone payments in addition to consideration for product supply in exchange for exclusive rights to ILDONG for development and commercialization of Lasmiditan in the territory. ILDONG will be responsible for the costs and activities related to development and regulatory approvals in the territory and will also participate in key registration trials as part of the global development plan."We are very happy to announce the collaboration with ILDONG. We look forward to working together with such a strong partner to bring Lasmiditan to the market to meet the many unmet needs of migraine sufferers," said Thomas P. Mathers, CEO of CoLucid. ILDONG Pharma Chairman and CEO, Jung-chi Lee, Ph.D., commented, "We expect CoLucid's innovative drug, Lasmiditan, to be successfully developed under our partnership and be subsequently well positioned to perform in the Korean market and Southeast Asia in the near future. We are sure that this will provide us a further opportunity to strengthen the relationship between our two companies." ABOUT LASMIDITAN Lasmiditan has been designed to deliver efficacy in acute migraine without the vasoconstrictor activity associated with previous generations of migraine therapies. It selectively targets 5-HT 1F receptors expressed in the trigeminal pathway. Its novel chemical class and differentiated site and mechanism of action led to Lasmiditan's designation as a "ditan", a new drug class, by the INN. CoLucid has successfully completed six clinical studies for Lasmiditan, including a Phase 2b study treating a single migraine attack in 391 patients, as well as a TQTc study.