San Francisco: SK Biopharmaceuticals Co. (SK Biopharm), the biopharmaceutical arm of SK Group, is set to establish a joint venture with Eurofarma, a leading South American biopharma, in the United States as part of its business expansion strategy, according to company officials. The announcement was made during the ongoing JP Morgan Healthcare Conference in San Francisco.

According to Yonhap News Agency, the joint venture will focus on creating a telemedicine platform utilizing artificial intelligence (AI) technology specifically for epilepsy treatment in the U.S. The initiative aims to tap into the growing global market for remote epilepsy treatment, which is projected to reach US$1.8 billion by 2032, with North America expected to account for approximately 47 percent of this market.

SK Biopharm has been actively developing an AI-powered epilepsy management solution, including wearable devices designed to measure brainwaves. This move complements its efforts to enhance the performance of its epilepsy medication Cenobamate, marketed as Xcopri in the United States.

In the third quarter of 2024, SK Biopharm reported U.S. sales of 113.3 billion won (US$77.6 million) for Xcopri, marking a 49.8 percent increase from the previous year. The joint venture with Eurofarma is anticipated to further bolster its presence and market share in the North American epilepsy treatment sector.