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AmorePacific and SCHWARZ PHARMACollaborate for Next-generation Pain Treatment

2004-02-23

AmorePacific Corp., Seoul, Korea announced the signing of a research collaboration and license agreement on the 20th Feb with SCHWARZ PHARMA AG of Monheim, Germany. From the agreement, SCHWARZ PHARMA will receive worldwide, excluding Korea and India, development, marketing and manufacturing rights to PAC20030 and back-up compounds for all human uses except dermatological uses. PAC20030 is currently in preclinical development. SCHWARZ PHARMA will fund drug development. The drugs belong to the new class of VR1 (vanilloid receptor 1) antagonists which offer treatment options for various pain conditions and potential other indications. AmorePacific receives 3.25M euro as an upfront payment. Given successful development for all conceivable indications, AmorePacific will receive up to 107.5M euro for milestone payments, followed by royalties on commercialization. Besides financial compensation, AmorePacific or its affiliate is entitled for the first negotiation right to SCHWARZ PHARMA’s pipeline products to market and distribute in Korea in the event Schwarz Pharma intends to outlicense those rights in Korea. Further details of the agreement are not disclosed. "We are looking forward to developing this exciting compound. We hope to deliver a highly efficacious and safe drug to our patients", says Prof. Iris Loew-Friedrich, MD, PhD, Member of the Executive Board of SCHWARZ PHARMA AG. "We are impressed by the development work so far, the professional attitude and expert levels of the teams at AmorePacific." ”It is a major milestone in our evolution as a global company”, says Mr. Suh Kyung-bae, CEO and President of AmorePacific. ” We welcome the opportunity to have SCHWARZ PHARMA as our long term partner. We believe this partnership successfully exploit great potentials of the emerging field of VR1 antagonism through a global strength of SCHWARZ PHARMA in pain and neurology.” The worldwide pain market as of today represents a volume of approximately US$ 37 billion. There is still a high medical need for treatment options for pain as today's treatment is still sub-optimal to satisfy patients' needs. VR1 receptor antagonists do represent a novel and promising target for the management of various pain conditions treatment. AmorePacific Corp (headquartered in Seoul, Korea) manufactures and markets cosmetics and personal care products. The company occupies over 30% of cosmetics market in Korea and recently expands its reach to China and other countries. Since mid 1990s, the company has been aggressively expanding into healthcare area through the investment in R&D programs. The company maintains 5 discovery programs focusing on inflammation and pain. Shares of AmorePacific Corp are traded on the Korea stock exchanges. SCHWARZ PHARMA AG (headquartered in Monheim, Germany) develops and markets innovative drugs for unmet medical needs with focus on neurology, urology and cardiovascular diseases. In 2002 the company achieved global sales of � 964 million, thereof 75% on international markets outside Germany. The company is investing in development projects targeting diseases such as Parkinson's disease, Restless Legs Syndrome, epilepsy, neuropathic pain, overactive bladder syndrome and benign prostatic hyperplasia. The company has a strong international presence with subsidiaries in Europe, USA and Asia. Shares of SCHWARZ PHARMA AG are traded on the Frankfurt and Duesseldorf stock exchanges. For more information, please contact: Dr Jay Lee (TEL)+82(0)27096354, (FAX)+82(0)27096319 or (Email)JYLEE@amorepacific.com This press release contains forward-looking statements based on current plans, estimates and beliefs of the management of AmorePacific Corp. Such statements are subject to risks and uncertainties that may cause actual results to be materially different from those that may be implied by such forward-looking statements contained in this press release.