The nutraceutical and pharmaceutical product supplier has signed a new and extended strategic partnership agreement with Tromso Nutrition Technologies, a subsidiary of Kotler Marketing Group China
Arctic Bioscience, a biotech company developing and commercialising 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, a subsidiary of Kotler Marketing Group China.
This new agreement expands the already existing cooperation between the parties through 2025.
This agreement will further support Arctic Bioscience in product development, marketing strategies and supply chain optimisation
"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," said CEO of Arctic Bioscience, Christer Valderhaug.
The scope of business focus is 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 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 optimisation, as well as strengthening the cross over between our nutraceutical business and our pharmaceutical ambitions", Valderhaug explained.
Based on the existing agreement with Kotler Marketing Group, Arctic Bioscience has received order intake more than double the size than 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," said 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.