SAMSUNG PHARM, a KOSPI-listed company, hit the upper price limit (the top end of the daily price band) in early trading on the 8th. Buying is seen as spurred by news that it secured rights to a progressive supranuclear palsy (PSP) treatment from GemVax & KAEL.
As of 10:05 a.m. that day, SAMSUNG PHARM was trading at 1,738 won, up 374 won (27.42%) from the previous session. Right after the open, it rose to 1,773 won, also hitting the upper price limit.
After the regular session closed on the 5th, the previous trading day, SAMSUNG PHARM disclosed, "It has obtained the authority to exclusively and solely use and earn revenue from the licensed intellectual property for the PSP treatment 'GV1001' in Korea, Japan, India and Indonesia from GemVax & KAEL."
PSP is a disease classified as an atypical parkinsonian syndrome in which abnormalities arise in the brain's neural nuclei, with supranuclear palsy that impairs eye movement appearing as a main symptom.
According to the disclosure, the total contract value is 220 billion won. It also said that royalties based on sales will be paid separately.
However, some parts of the contract are conditional and will take effect only after approval by pharmaceutical regulators such as the Ministery of Food and Drug Safety. The accounting expense may vary depending on the success of future clinical trials and marketing authorization.