Sam Chun Dang Pharm said on the 26th that it signed a definitive agreement for an exclusive license and commercialization of an oral GLP-1 class generic in 11 countries, including the United Kingdom, with a Europe-based global pharmaceutical company.
The product is an oral semaglutide formulation under development as a generic of the diabetes treatment "Rybelsus" and the obesity treatment "Wegovy."
The total contract size is about 5.3 trillion won. The company said it will receive 30 million euros as an upfront payment and milestones and will take 60% of the net profit from product sales.
The countries covered by this contract are 11 markets centered on government tenders, including the United Kingdom and the Netherlands. Sam Chun Dang Pharm plans to enter the European market in stages by segmenting it into government tenders, private insurance markets, and Eastern Europe. It said it is in talks to sign additional definitive agreements with major large markets such as Germany, France, Italy, and Spain.
The company highlighted its proprietary "SNAC-free" formulation technology as a competitive edge. The original drug has a formulation patent that uses an absorption enhancer (SNAC). The company said its independent technology can circumvent that formulation patent and lower production costs.
In major European countries, the substance patents are expected to expire around 2031, but the formulation patents may remain in place. Sam Chun Dang Pharm says market entry is possible by avoiding the formulation patents.
The company expects the European semaglutide market to grow to more than 30 trillion won by the time the product is launched.