Sam Chun Dang Pharm, the leading stock on KOSDAQ, was weak early on the 31st. Following news that it signed a U.S. license agreement related to oral diabetes and obesity treatments, which had driven the share price higher, the bullish catalyst appears to have faded, prompting selling.
As of 9:38 a.m., Sam Chun Dang Pharm was trading at 940,000 won, down 244,000 won (20.61%) from the previous session.
After the regular session closed the previous day, Sam Chun Dang Pharm disclosed that it signed a license agreement with a U.S. partner for the generic of the oral diabetes drug "Rybelsus" and the generic (ingredient name semaglutide) of the oral obesity treatment "Wegovy Oral."
Under the agreement, Sam Chun Dang Pharm secured $100 million (about 150.9 billion won) in milestones. The contract stipulates that for 10 years from the product's first sales date, Sam Chun Dang Pharm will receive 90% of the partner's product sales revenue.