[Edaily Reporter Kim Kyung-eun ] CMG Pharmaceutical Co., Ltd.(058820)announced on the 19th that it has terminated a sales contract for dermal fillers, anti-adhesion agents, and hemostatic agents signed with Taiwan’s H&B (Harvest Biotech). The termination amount is approximately 15 billion won, equivalent to 30.0% of the company’s 2018 revenue.
However, as this was a conditional contract contingent upon approval by Taiwan’s Food and Drug Administration (TFDA), the company reported zero revenue from the contract’s signing date through the termination date.
The counterparty requested the termination citing delays in approval due to the COVID-19 pandemic and a deterioration in the commercial viability of the products in question. The original contract term ran from July 3, 2019, to July 3 of this year.
However, as this was a conditional contract contingent upon approval by Taiwan’s Food and Drug Administration (TFDA), the company reported zero revenue from the contract’s signing date through the termination date.
The counterparty requested the termination citing delays in approval due to the COVID-19 pandemic and a deterioration in the commercial viability of the products in question. The original contract term ran from July 3, 2019, to July 3 of this year.