Arctic Bioscience, a biotech company developing and commercializing nutraceutical and pharmaceutical products based on the unique properties of bioactive marine compounds, has signed a new and extended strategic partnership agreement with Tromso Nutrition Technologies Co. LTD, a subsidiary of Kotler Marketing Group China. This new agreement expands the already existing cooperation between the parties through 2025.
“We are very happy to continue our partnership with Kotler Marketing Group in China and the extension reinforces the commitment between the two companies. The expansion of the partnership opens for access to an even larger part of the Chinese market, consolidating and strengthening our growth ambitions in the region”, CEO of Arctic Bioscience, Christer L. Valderhaug, comments.
The scope of business focus is the development of the nutraceutical business in China. The extension of the agreement also includes potential collaboration within the Pharma space, where Arctic Bioscience has several interesting products under development, including the HRO350 for the treatment of mild to moderate psoriasis and a novel drug candidate for brain development in extremely premature infants.
“This agreement will further support Arctic Bioscience in product development, marketing strategies, and supply chain optimization, as well as strengthening the cross-over between our nutraceutical business and our pharmaceutical ambitions”, Valderhaug comments.
Increased order intake from the Chinese market
Based on the existing agreement with Kotler Marketing Group, Arctic Bioscience has received an order intake of more than double the size forecasted for this fiscal year related to the Chinese market.
“We are very pleased with the development we see for our operations and business in China”, says Valderhaug. “Going forward we are positive that the extended partnership agreement will give us a stronger market position and increased sales of our nutraceutical products in the Chinese market,” Valderhaug ends.