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Biz News Korea(Eng)
Korea’s SCD Pharm to export generic drugs to U.S. Glenmark
- Collected
- 2018.02.21
- Distributed
- 2018.02.22
- Source
- Go Direct
In a regulatory filing on Tuesday, the Kosdaq-listed drug maker said it signed a license deal with the U.S. pharmaceutical company over six ophthalmology generics including anti-glaucoma, anti-allergic and antimicrobial drugs. Milestone revenue from the six products totals 647 million won.
But investors dumped SCD shares as the contract size failed to meet market expectations on Tuesday. The share price recovered Wednesday after losing 17 percent in the previous session. At 2:15 p.m., shares were up 1.6 percent at 36,900 won.
The Korean company said it could generate up to 700 billion won in sales from the deal, provided that each item is approved in the U.S. The FDA approval will come easily since all of the products are generics, according to the company.
The contract could be valued at 700 billion won in terms of 10 year sales as the agreement stipulates profit sharing 70 percent to SCD and 30 percent to Glenmark after launching, said a company official.
Glenmark posted 1.5 trillion won in sales in 2016, 40 percent of which came from the U.S. market. Its annual revenue grows at a fast pace of 20 percent.
SCD and Glenmark have maintained their strategic partnership in the eye care market. The latest contract represents SCD’s second license deal for the U.S. market after a 400 billion won 10-year contract signed with U.S. BPI in 2016. Regulatory approval processes for those products are still underway.
By Kim Yoon-jin and Minu Kim
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