FutureChem, a radiopharmaceutical company, is entering the Indian market with its Alzheimer's diagnostic drug.
FutureChem (220100.KQ) said Monday it has signed a local supply and exclusive distribution agreement with Shrishti Imaging & Diagnostic Center (Shrishti), an Indian radiopharmaceutical specialist, for Alzavue, a radiopharmaceutical used to diagnose Alzheimer's dementia.
Under the terms of the agreement, FutureChem will receive a royalty of 2% of net product sales in India, with no separate upfront payment.
The contract runs for a total of 15 years from its effective date. The two companies agreed to automatically extend the contract in one-year increments after its expiration, absent any separate objection.
Alzavue is a radiopharmaceutical for positron emission tomography (PET) that was approved by the Ministry of Food and Drug Safety in 2018 as its 29th new drug. It targets beta-amyloid protein plaques in the brain and is used for the early diagnosis of Alzheimer's disease.
Radiopharmaceuticals have short half-lives, making it difficult to export finished products over long distances. Accordingly, under this agreement, FutureChem will exclusively supply consumable sets such as cassettes, reagent kits, and precursors to India, while Shrishti will directly produce and distribute the final injectable locally using synthesis equipment.
Shrishti is the largest radiopharmaceutical manufacturer and distributor in India. It supplies radiopharmaceuticals to more than 140 regions across the country.
"India is a market where demand for dementia diagnosis and treatments is growing due to an aging population," a FutureChem official said. "Through a long-term partnership with Shrishti, we will lead Alzavue to a successful entry into the Indian market."
Meanwhile, FutureChem's total radiopharmaceutical sales, including Alzavue, stood at 6.2 billion won last year.
