Drug modeling software provider Simulations Plus Inc. on Thursday announced it has signed a distribution agreement with Korean drug developer Quantum Bio Solutions.
John DiBella, Simulations Plus’ vice president of marketing and sales, said the country’s current political climate and its initiative to become a global leader in the pharmaceutical industry makes this the perfect time to collaborate with a Korean company.
“The South Korean government has pledged nearly $9 billion to help domestic drug makers develop 20 new drugs with the goal of being among the world’s top seven global pharmaceutical producing countries by the year 2020,” DiBella said in a statement. “Therefore, we see this as a most opportune time to have a local presence in South Korea to increase awareness of Simulations Plus and our suite of offerings, while also strengthening the relationships we have already formed with South Korean companies and universities.”
Lancaster-based Simulations Plus has been hosting annual workshops at one of the local South Korean universities since 2014, featuring its leading software offering, GastroPlus. DiBella said the platform, which released its latest version yesterday, received positive reviews in Korea, which further emboldened the deal.
Simulations Plus (SLP) shares closed up 20 cents, or 1.8 percent, to $11.15 on the Nasdaq.