Sam Chun Dang Pharm plunged on the 31st, the day after its shareholders meeting. The company outlined prospects at the meeting for developing an oral insulin for people with diabetes and a generic of Wegovy, but the market is expressing skepticism.
As of 10 a.m. that day, Sam Chun Dang Pharm was trading at 879,000 won, down 25.76% from the previous day. The stock climbed from the 240,000-won range at the start of the year to the 1.18 million-won range the previous day, but the 900,000-won level broke that day.
Sam Chun Dang Pharm held a shareholders meeting the previous day and said it would replace injections by developing an oral insulin using its in-house platform technology S-Pass. It explained that oral obesity drugs would cut costs and secure overseas competitiveness.
After the shareholders meeting, Sam Chun Dang Pharm also disclosed that it had signed in the United States a license deal for generics of oral Wegovy and Rybelsus (a diabetes drug). It did not identify the counterparty. The contract allows termination if commercialization proves impossible.