Starpharma Holdings Limited (ASX:SPL) has signed a sales and distribution agreement for its nasal spray product VIRALEZE in Hong Kong and Macau with Hengan Pharmacare Company Limited, a subsidiary of Hengan International Group Company Limited.
VIRALEZE will be available in Hong Kong and Macau through an extensive network of retail stores and other channels, including via leading pharmacy chains.
Hengan is listed on the Hong Kong Stock Exchange with an annual turnover of >RMB20 billion (~A$4.5 billion) employing 23,000 staff.
Hengan Group is engaged in the manufacture, distribution and sales of products, including personal care, face masks and hygiene products, in Hong Kong, Macau, the People’s Republic of China and certain overseas markets. Hengan Group has an extensive distribution network, which includes leading pharmacy chains in Hong Kong and Macau.
In addition to the VIRALEZE brand, the product will also carry Hengan Group’s local brand which is also used for their COVID-19 related products such as face masks and rapid antigen tests. Marketing activities for VIRALEZE will be supported with investment by Hengan Group.
The exclusive distribution agreement has an initial two-year term and covers Hong Kong and Macau. It incorporates launch performance obligations.
Under the agreement, Starpharma will supply VIRALEZE, with Hengan Group responsible for sales, final packing, distribution, and marketing in Hong Kong and Macau. Launch of the product is expected to occur in the next two to three months.
Starpharma is working with Hengan Group to support importation and regulatory activities. The termination provisions are customary for commercial sales and distribution agreements. At this early stage Starpharma is unable to estimate sales of VIRALEZE in these markets.
We are delighted to partner with the Hengan Group to make VIRALEZE available in Hong Kong and Macau, including through two of the region’s major pharmacy chains,” Starpharma CEO Dr Jackie Fairley said.
