[THE INVESTOR] Daewha Pharmaceutical  said on Oct. 20 that it has terminated its contract with Taiwan’s LOTUS Pharmaceutical to export their co-developed topical anesthetic topical lidocaine patch 5%.

The South Korean drug maker blamed LOTUS for the fallout of the 42.3 billion won deal, saying the Taiwanese partner failed to receive regulatory approvals in China, Europe and the US for the local anesthetic patch, which was one of the preconditions of the contract.

Daehwa said it will receive US$308,196 from LOTUS as compensation.

By Park Han-na (hnpark@heraldcorp.com)