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- 2026-03-18 20:22:38
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- Growth hormone market fluctuates with Pfizer’s supply issue
- by Kim, Jin-Gu Sep 17, 2020 06:29am
- The growth hormone injection market generating annual sales of 150 billion won had a fluctuating sales rank in the first half of the year. While LG Chem is still leading the market, Pfizer in the second place was dropped to the fifth place due to its global supply suspension. On the contrary, LG Chem, Dong-A ST and Novo Nordisk boosted their sales amid Pfizer’s absence. According to a pharmaceutical market research firm IQVIA on Sept. 15, the growth hormone market was valued at 77.3 billion won in the first six months of this year. The figure grew by 10 percent from 70.1 billion won in same time last year. The growth hormone market is growing every year. The annual sales in 2015 marked 76.3 billion won and reached 91.7 billion won, 101.8 billion won, 126.6 billion won, and 145.7 billion won in 2016 through 2019. The market predicts the sales would break through the 150 billion won mark this year. Growth hormone injection market sales growth in last five years (Unit: KRW 100 million) Source: IQVIA LG Chem has been topping the market with its lineup of Eutropin, Eutropin Plus and Declage. In the first half of the year, the three products generated total 29.8 billion won, which surged by 28 percent from same time last year at 23.2 billion won. Except for the market leader, the leader board had a major shuffle. Pfizer’s Zinotropin that used to be in the second place climbed down to the fifth, but Dong-A ST’s Growtropin, Merck’s Saizen, and Novo Nordisk’s Norditropin jumped up the ladder. Pfizer’s Zinotropin barely made 6.7 billion won in the first half of the year. Compared to 14.7 billion won made last year, it took a steep 54-percent (8 billion won) fall. The market experts analyze the sudden drop in Pfizer’s sales was impacted by the drug supply issue prevalent around the world. Late last year, the global company headquarters halted the supply, when a regular check up confirmed the risk of affecting the product quality found in the production line located in Belgium. With already distributed stocks in South Korea, Pfizer’s sales were not significantly affected until the fourth quarter last year, but it eventually got crippled in this year. Regarding the issue, Pfizer Pharmaceutical Korea official said, “The supply to Korea has been resumed from May,” and “The company is expecting the sales to recover in the latter half of the year.” Top growth hormone product sales from 2015 H1 through 2020 H1 (Unit: KRW 100 million) Source: IQVIA Due to Pfizer’s supply issue, Dong-A ST and Novo Nordisk had the window of opportunity to leverage their sales. Dong-A ST’s Growtropin sales marked 15.9 billion won and instantly came in second. In same time last year, the injection made 12 billion won and placed itself in the fourth place. On the other hand, Novo Nordisk’s Norditropin sales reached 10.2 billion won and took the fourth spot. Compared to last year making 5.9 billion won, its sales skyrocketed by 72 percent. The market experts see the injection to have benefited the most from Pfizer’s supply gap. But apparently, Merck’s Saizen did not get to benefit from Pfizer’s suspended supply. In last year, the company was in the third place, but the sales dipped by 1 percent from 12.7 billion won to 12.5 billion won. Moreover, SciGen Korea’s Scitropin made 1.3 billion won, and Ferring Korea’s Zomacton made 900 million won. A pharmaceutical industry insider explained, “Regardless of declining birth rate, the growth hormone market has been surging as the expanded healthcare reimbursement was granted since last year,” and as “Pfizer took a hard hit with the supply issue in the first half of the year, its competitors aggressively tackled the market.”
- Company
- Where can clinics get flu vaccines?
- by Sep 16, 2020 06:26am
- "All pharmaceutical companies say they don't have flu vaccine stock. I am already worried because the quantity I received from the public health center is small." A Doctor of Clinic A in Seoul said in this way that he called all of the sales staff at pharmaceutical companies that supply flu vaccines, but said it was hard to get supplies. Due to COVID-19, flu vaccine shortages are occurring as expected. Pharmaceutical companies have increased production compared to last year in anticipation of an increase in demand this year, but supply is rapidly exhausting. This is because the private market volume has drastically decreased as the number of people eligible for NIP increased. It is estimated that about 19 million people are eligible for free vaccination this year. It is an increase of 5.19 million people from the previous year. There are many clinics and hospitals looking for supplies, but the supply of them is insufficient. Online orders were sold out as soon as the quantity was released, even though the number of purchases per person was limited to 100. Salespeople in charge receive dozens of inquiries a day asking for flu vaccines. Mr. B, an employee in charge of the flu vaccine sales, said, “Calls are pouring out at the local hospital asking if there is a vaccine. I am sorry that the supply has been exhausted” "It is being used up faster than ever since it was operated with only 70% of the volume than last year," he complained. He added, "Even clinics and hospitals with an existing transaction history can only place orders for About half of last year's amount." There are also frequent inquiries through employees of other pharmaceutical companies because some clinics and hospitals do not have or limited deals with flu vaccine vendors and can not obtain quantities. Mr. C, an employee who sells flu vaccines, said, “I get a lot of calls from third-party employees of other companies contacted by a hospital they are acquainted with.” Some hospitals even raged when the stock was not available. If the salesperson in charge tells them that there is no stock available, the clinic or hospital calls the senior executive of the pharmaceutical company to fire the person in charge or gets angry. An official from a flu vaccine manufacturer said, "There are many hospitals that want to secure supplies in advance in a pandemic situation. Since the vaccine is still in the early stages of supply and shipments are being released every week, the shortage phenomenon will get better sooner or later."
- Company
- Talks on new payment system in the age of high-cost drugs
- by Eo, Yun-Ho Sep 16, 2020 06:25am
- Pharmaceutical experts are initiating talks on setting adequate Incremental Cost-Effectiveness Ratio (ICER) threshold to design a new payment model fitting the age of high-cost drug. The International Society for Pharmacoeconomics and Outcomes Research (ISPOR) Asia Pacific 2020, convened online from Sept. 14 through 16, would be hosting a session titled ‘ICER Threshold for Innovative Medicines – Harmonization with Novel Payment Model (NPM)’ on Wednesday. Most of health authorities in countries currently using Health Technology Assessment (HTA) provide refund to pharmaceuticals that have proved clinical benefit and cost-effectiveness during an assessment process. However, the pharmaceutical industry has been insisting that a practical solution is needed for the latest biopharmaceutical-focused pipelines relatively more expensive than the conventional chemical drugs. At the session facilitated by Professor Suh Dong-churl of Chung-ang University College of Pharmacy, Dr. Kevin Haninger of the Pharmaceutical Research and Manufacturers of America (PhRMA) would explain about the concept of NPM and introduce various cases in HTA countries including Canada, Australia and the U.K in terms of harmonizing ICER threshold with other indicators used to decide healthcare reimbursement. After the presentation, a panel discussion would be held with representatives from the industry, government and academia. As a panelist for the pharmaceutical industry, Senior Director Kim Eunsuk of MSD Korea would point out the limitation of the current HTA system in South Korea and address the rationale of flexible ICER threshold. Director So Soomi of Health Insurance Review and Assessment Service (HIRA) as a government panelist would share the prospective approach the agency is planning to take for the payment system as well as the NPM implementation plan. Initially organized to be hosted in Seoul, the ISPOR Asia Pacific 2020 was inevitably held online due to COVID-19.
- Company
- Boryung,launches Tuvero (Arahkor Pre) in Mexico
- by An, Kyung-Jin Sep 16, 2020 06:25am
- Two-way live broadcast in Korea and Mexico Boryung announced on the 14th that it held a web symposium of Tuvero, a combination drug for hypertension and dyslipidemia, based on Kanarb in Mexico on the 11th (time in Korea) and began to launch in earnest. Tuvero is a combination drug that includes Kanarb(Fimasartan), an ARB (angiotensin II receptor blocker)-based hypertension drug developed by Boryung, and Rosuvastatin, a dyslipidemia drug. It was named Arahkor Pre in Spain. The sales and marketing activities in Mexico are handled by local partner Stendhal. The company expects the market demand to be very high as 'Arahkor Pre is the first ARB+Statin combination drug to be released in Mexico. According to Boryung, a number of local specialists in Mexico attended the web symposium, which was broadcast in two-way live in Korea and Mexico in the aftermath of COVID-19, showing hot interest in the new product. At the web symposium under the theme of 'Innovation in the Cardiovascular Risk Reduction, Introducing Arahkor Pre', a total of four speakers including Prof. Jin Joo Park (Seoul National University Bundang Hospital), Prof. María Guadalupe Castro, Universidad La Salle (ULSA), Prof. Joshua Elias (XXI Century National Medical Center), and Prof. Abel Alberto Pavía López, Centro Médico ABC, presented the latest information on cardiovascular disease treatment and the current status of cardiovascular disease in Mexico. Ignacio Conde Carmona (director of Stendhal), who was in charge of the web symposium on that day, said, "The combination of hypertension and dyslipidemia has a number of clinical results that significantly lower the incidence of cardiovascular disease." He added, "Arahkor Pre, a combination of Fimasartan, which has excellent blood pressure lowering effects, and Rosuvastatin, the most widely used dyslipidemia drug, is expected to provide new treatment options for cardiovascular disease patients and medical staff in Mexico." "Arahkor Pre, which clinical effect has been confirmed in the treatment of cardiovascular diseases in the domestic market, is the first ARB+Statin combination drug to be released in Mexico," said Sung-won Choi, executive director of the global business division of Boryung. "We will focus on Arahkor Pre's rapid market settlement by sharing our global marketing know-how, including Korea, with Stendhal, which has formed partnerships and improved synergy since 2013," he said.
- Company
- ST Pharm, registered a global phase I of STP1002
- by An, Kyung-Jin Sep 16, 2020 06:25am
- A US clinical trial of a new oral colon cancer treatment drug being developed by ST Pharm is on track. One out of three local clinical trial institutions that announced their entry this year began recruiting subjects, taking the first step toward commercialization. According to clinicaltrials.gov operated by the National Institutes of Health (NIH) on the 14th, ST Pharm recently registered a new global phase I clinical trial plan related to the new chemical synthesis drug 'STP1002'. This test is the first FIH (first-in-human) clinical trial to administer the world's first oral colon cancer treatment 'STP1002' by ST Pharm to humans. The purpose is to confirm the maximum tolerated dose (MTD) of STP1002 in 30 adult patients with advanced solid cancer, and to confirm safety, tolerability, and pharmacokinetics (PK) characteristics. The primary efficacy evaluation criterion is dose-limiting toxicity(DLT) and severe adverse events that may be associated with test drug administration. As secondary efficacy endpoints, treatment emergent adverse event (TEAE) occurred during the treatment period and plasma concentration after oral administration of STP1002 are evaluated. ST Pharm's 'STP1002' was approved by the US Food and Drug Administration (FDA) in December last year for Phase I Clinical Trial Plan (IND). In June of this year, three institutions, including the University of Southern California, the University of Colorado, Denver, and Northwestern University, began clinical trials. Last month, CU Denver was the first to start administering test drugs to subjects. Registered subjects are classified into 5 cohorts, taking the prescribed dose of STP1002 for 21 days once a day and following a schedule with a 7-day withdrawal period. The plan is to complete all schedules related to phase I clinical trial such as recruiting subjects, taking test drugs, and analyzing results by next July. Animal test results of STP1002 (Source: ST Pharm IR) ST Pharm derived STP1002 through a two-year joint research with the Korea Research Institute of Chemical Technology from 2014. It is a candidate substance for a synthetic new drug that inhibits the growth of cancer cells by inhibiting the enzyme Tankyrase. ST Pharm expects that STP1002 will have a therapeutic effect on colon cancer patients who are resistant to Erbitux, an existing colorectal cancer treatment, or have a mutant genotype such as K-RAS and N-RAS. According to ST Pharm, as a result of a 4-week repetitive preclinical toxicity test on an animal model transplanted with cancer cells derived from colon cancer, STP1002 was not associated with significant toxicity and side effects. It showed differentiation compared to anticancer drugs. In the efficacy evaluation, the response rate of Tumor Growth Inhibition (TGI) was 49-70% and excellent tumor suppression effect was proved. ST Pharm is developing 'STP1002' as an oral drug that is taken once a day. Given that existing colon cancer treatments such as Erbitux and Avastin are IV formulations, it is evaluated that they have the potential to replace the $1.9 billion colon cancer treatment market based on convenience of use if they are successfully commercialized. After securing colon cancer as the first indication, it plans to expand the indications to non-small cell lung cancer, breast cancer, and liver cancer through combination with drugs of other mechanisms, such as immuno-anticancer drugs. ST Pharm is implementing an Innovative Virtual R&D strategy with low cost and high efficiency while actively utilizing internal and external networks such as Dong-A ST, the Korea Research Institute of Chemical Technology, and Asan Medical Center in Seoul. Currently, it is carrying out new drug tasks such as non-alcoholic steatohepatitis (NASH) treatment, influenza treatment, viral infection treatment such as polio, and oral anticoagulant. In addition to the colon cancer treatment 'STP1002', AIDS treatment 'STP0404' is about to enter clinical trials as Phase I Investigational Medicinal Product Dossier(IMPD) in France was approved at the end of April. When the French local clinical trial of STP0404 begins in earnest, a total of two global clinical trials will be conducted simultaneously.
- Company
- Giotrif competitor Vizimpro close to receiving reimbursement
- by Eo, Yun-Ho Sep 15, 2020 06:27am
- Sources report, Pfizer Korea is speeding up the procedure to introduce epidermal growth factor receptor (EGRF) tyrosine kinase inhibitors (TKI) into the market. According to the industry sources, a fifth EPGF TKI Vizimpro (dacomitini) has passed the Health Insurance Assessment and Review Service (HIRA) Cancer Deliberation Committee in last July, and it is waiting for Drug Reimbursement Evaluation Committee’s (DREC) deliberation in October. Although the DREC deliberation was initially scheduled be convened in September, the deliberation was delayed due to the resurging number of confirmed COVID019 cases. Currently, the first generation EGFR TKI ‘Iressa (gefitinib)’ by AstraZeneca and Tarceva (erlotinib) by Roche, and the second generation Giotrif and the third generation Tagrisso (osimertinib) by AstraZeneca are prescribed in South Korea. As its direct competitor Giotrif (afatinib) has already settled in the market already, Vizimpro chose the drug pricing negotiation exemption track. As a result, its launch would be able to convince the product from then on in the second half of the year. Vizimpro’s efficacy has been confirmed in Phase III ARCHER 1050 trial. The study compared Vizimpro and the first-generation Iressa head-to-head with total 452 patients fighting against non-small cell lung cancer (NSCLC). In the trial, the medicine reduced the risk of progression-free survival (PFS) by 41 percent than Iressa, when Vizimpro patient group’s median PFS was at 14.7 months and Iressa group’s was at 9.2 months. The study reported Vizimpro lowered the risk of progression or death by 41 percent against Iressa, and the median progression-free survival (PFS) was 14.7 months in the Vizimpro group and 9.2 months in the Iressa group. Nevertheless, Vizimpro showed worse cases of adverse reactions. In the Vizimpro group, the frequently demonstrated severe adverse reactions included dermatological issues with pimple (14 percent) and diarrhea (8 percent), whereas changes in liver enzymes (8 percent) were significant in the Iressa group. Around 60 percent of Vizimpro patient group had to adjust their medication dose due to adverse reaction. Vizimpro is a second-generation targeted therapy indicated to treat patients with EGRF-mutation-positive NSCLC. The U.S. Food and Drug Administration (FDA) approved the anticancer treatment in September 2018 after granting Priority Review in January same year. Currently, the drug is approved and used in the U.S., EU and Japan. In Korea, the medication has been approved as a first-line treatment for patients with locally advanced or metastatic EGFR-mutated NSCLC, and it is also indicated treat patients with locally advanced or metastatic NSCLC with EGFR exon 19 deletion or exon 21 L858R substitution mutations, who has not been treated before.
- Company
- The sales of antiemetic drug Nasea plummeted
- by Kim, Jin-Gu Sep 15, 2020 06:26am
- Nasea Sales in the domestic market declined after three types of domestic copyright rights, including the antiemetic drug Nasea (Ramosetron), were transferred from Astellas to Daiichi Sankyo, a Japanese pharmaceutical company. According to IQVIA, a drug research institute, Nasea's sales in the first half of this year were ₩12.7 billion, down 30% from ₩18.3 billion in the first half of last year. Compared to the second half of last year (₩16.4 billion), it also decreased by 22%. This is in contrast to the 50% increase in sales of other Ramosetron-based treatments from ₩10.2 billion to ₩15.4 billion over the same period. In addition to Nasea, Treatments including Ramosetron are ▲Boryung's Naseron ▲ Hana's Ramset ▲Parvis Korea’s Ramea ▲Astellas' Irribow ▲Kyongbo’s Ramocan, etc. In the case of Naseron, sales increased 63% from ₩6.1 billion in the first half of 2019 to ₩9.9 billion in the first half of this year. During the same period, Ramset increased 37% from ₩2.7 billion to ₩3.7 billion, and Ramea decreased 24% from ₩800 million to ₩600 million. Half-annual sales of Nasea and Ramosetron-based antiemetics (unit: ₩ billion, data from IQVIA) Nazea is a leading item in the antiemetics market with annual sales of over ₩30 billion. However, as sales declined significantly, the gap with the second-largest Ramosetron (Naseron) narrowed. The difference in sales between Nasea and Naseron in the first half of last year was ₩12.2 billion, but the gap has decreased to ₩2.8 billion in the first half of this year. Previously, Daiichi Sankyo Korea received three types of copyrights, including Nasea, Oldeca, and Perdipine sold by Astellas Korea from December last year. In the case of Perdipine, only injections were transferred to Daiichi Sankyo. On July 31, last year, Daiichi Sankyo headquarters signed a transfer agreement for the three drugs sold by Astellas in six Asian countries, including Korea, and the domestic copyright also changed. There was no significant change in the other two items except for Nasea. Oldeca posted sales of ₩900 million in the first half of last year and the first half of this year. In the case of Perdipine injection, the market size was very small, with semiannual sales of less than ₩100 million. It was a 15% decrease from ₩18.35 million in the first half of last year to ₩15.61 million in the first half of this year.
- Company
- Listed pharma companies financially sound despite COVID-19
- by Kim, Jin-Gu Sep 14, 2020 06:16am
- Apparently, major South Korean pharmaceutical and bio companies have been maintaining the level of financial soundness from late last year for the first half of this year. One of their financial soundness indicators, net liabilities, showed similar level as late last year, which the experts analyze the industry is performing relatively well, regardless of COVID-19. According to Financial Supervisory Service (FSS) on Sept. 14, 30 listed Korean pharmaceutical companies’ net liabilities reached 7.63 trillion won as of the end of first half of the year. Compared to 7.61 trillion won as of same time last year, the figure was slightly increased by 0.3 percent (24.1 billion won). Technically, the net liabilities have not changed much. The net liabilities indicate a company’s financial liquidity. The less net liabilities, the better financial soundness is. The net liabilities are the difference between the total current liabilities and the total current assets accounting only cash or cash equivalents. In other words, it is the value of the debt a pharmaceutical company has minus the total sum of all liquidatable cash (or cash equivalent assets). On paper, the 30 pharmaceutical companies’ total debt has surged, but their total assets have also increased as much and canceled out the inclined the net liabilities. The total liabilities of the 30 pharmaceutical companies, as of late June, were 10.65 trillion won, growing 9 percent (841.5 billion won) from last year same time at 9.81 trillion won. In the same period, the total cash and cash equivalent assets grew by 37 percent (817.4 billion won) from 2.20 trillion won to 3.17 trillion won. The cash and cash equivalents are assets without real estate, stock, intellectual property and some of financial assets, and most of them are operating profit. As for financial instruments, only the ones that acquire the income in three months (or expire) are accounted. The 30 companies’ sales and operating profit have reportedly improved over 40 percent in the first half of the year, regardless of COVID-19. The overall change in total liabilities, cash and cash equivalents and net liabilities in 30 listed pharmaceutical companies (Unit: KRW 100 million) Source: FSS Also some companies have significantly improved their financial soundness by decreasing the net debt. Hugel has apparently improved its financial soundness the most with its net liabilities dropping by 203.1 billion won. Also, Yuhan (154.8 billion won), Dong Hwa Pharm (71.8 billion won), Daewoong Pharmaceutical (56.9 billion won) and Dong-A ST (37.3 billion won) were able to reduce the net liabilities. Particularly, Hugel and Dong Wha Pharm have recorded negative net liabilities as of late June. Basically, the two companies can pay off their debts with the cash they can immediately liquidate. Meanwhile, Dong Kook Pharmaceutical (90.3 billion won), Samsung Biologics (88.6 billion won), GC Pharma (74.5 billion won), Celltrion (41.8 billion won), Hanmi Pharmaceutical (41 billion won), Kyung Dong Pharm (36 billion won) and JW Life Science (35.8 billion won) had their net liabilities increased. Overall, 22 companies out of the 30 companies had their net liabilities increased. The total liabilities, cash and cash equivalents and net liabilities in 30 listed pharmaceutical companies (Unit: KRW 100 million) Source: FSS The experts analyze the top listed pharmaceutical companies were able to maintain the net debt level on par with last year, because the industry is relatively thriving despite COVID-19 pandemic. A credit rating agency’s report found most of industries including, semi-conductor, automobile, distribution, display, hospitality and duty free, airline, shipbuilding and steel, have worsened their financial soundness in the first half of the year.
- Company
- Expectations on Zejula are high
- by Sep 14, 2020 06:15am
- “The biggest burden on recurrent ovarian cancer patients is definitely 'relapse'. Zejula can play an important role for patients by preventing recurrence through primary maintenance therapy. In particular, it can be used as an All-comer. The appearance of Zejula is likely to make a big difference in the treatment of ovarian cancer.” Soo-Young Hur, a professor of obstetrics and gynecology at Seoul St. Mary's Hospital, said at an online press conference for PARP inhibitor Zejula (Niraparib) on the 10th, about Zejula's significance of expanding the indications for primary ovarian cancer maintenance therapy. Takeda Korea's ovarian cancer drug Zejula is the first PARP inhibitor that can be used regardless of whether the BRCA gene has been mutated. It was approved for the first time in Korea in March 2019 as ‘a single maintenance therapy for adult patients with platinum-sensitive recurrent highly serous ovarian cancer (including fallopian tube cancer or primary peritoneal cancer) who have fully or partially responded to platinum-based chemotherapy at least 2nd order’ Since then, the indications have been expanding. In December last year, it became available for 4 or more monotherapy, and in August, it also acquired indications for first-line maintenance therapy. Soo-Young Hur, a professor of obstetrics and gynecology at Seoul St. Mary This online meeting was set up to explain the clinical research and treatment significance that served as the basis for the expansion of the indications for the primary maintenance therapy of In the case of ovarian cancer, recurrence occurs within 1-3 years in most patients after chemotherapy. After chemotherapy, the progression-free survival (PFS) is very short, ranging from 8 to 14 months, so maintenance therapy is selected to prolong it. Maintenance therapy options include Bevacizumab, a VEGF inhibitor, and PARP inhibitors such as Olaparib , Veliparib, and Niraparib. According to Professor Antonio González-Martín (The University Clinic of Navarra, Spain), the principal of PRIMA's clinical study, which was the basis for the expansion of the indications for the first-line maintenance therapy of Zejula, "The results of the PRIMA study show that the median PFS of Zejula in the HRd group is 21.9 months, and the placebo group (10.4 months). Also he said. "It also showed an effect in the HRp patient group." In particular, although the PRIMA study mainly included patients with high risk of recurrence, it was explained that it was effective in all patient groups regardless of biomarkers such as HRd or BRCA mutation. As for the safety profile, hemologic adverse reactions were observed in some patients, but they were manageable through dose reduction or suspension of medication, he added. In particular, he said about a comparative analysis with the combination therapy of Olaparib (Lynparza) + Bevacizumab (Avastin), which was approved as the first line maintenance therapy for HRd ovarian cancer patients regardless of BRCA mutation in the United States. "The PAOLA study shows that the combination with Olaparib is better than Bevacizumab alone, and this only appeared in the HRd patient group." However, he commented, "It is not clear how much additional value added to Bevacizumab plus Olaparib provides." He added, “When deciding on a treatment option that is suitable for a patient, we need to consider both options, as we need to consider several factors including clinical factors. There will be some patients in the group where Bevacizumab is not suitable, and also in the HRp group. Zejula is the only drug that has proven its effectiveness.” Professor Hur also focused on the fact that Zejula shows effects regardless of biomarkers. He said, "Olaparib can only be used when there is a BRCA mutation, but among ovarian cancer patients, the BRCA mutation is a small proportion of about 20%. In addition, Bevacizumab does not require a biomarker, but it is used depending on the patient's stage, and there are concerns about side effects such as toxicity." In addition, he said, "Zejula can be used as an all-comer, and if the dose is adjusted according to individual patients, the effect can be maintained while reducing side effects." He said, "I expect that Zejula can be used as an all-commer after ovarian cancer treatment, which will bring about a huge change." And he added that the indications have recently been expanded, and due to restrictions on reimbursement, there is not much experience in prescribing Zejula as the first maintenance therapy. As data accumulates in the future, it will be of great help to patients as a first-line maintenance therapy.
- Company
- Kolmar shareholders agree to dispose CMO and Kolmar Pharma
- by Chon, Seung-Hyun Sep 14, 2020 06:15am
- Kolmar Korea’s shareholders have agreed to dispose of the corporate asset valued at 500 billion won. Kolmar Korea announced the shareholders have deliberated at a general meeting convened on Sept. 10 to pass the agenda of selling the company’s pharmaceutical CMO and Kolmar Pharma to IMM Private Equity (PE). Previously in last May, Kolmar Korea signed a deal to sell off its 62.1 percent share of Kolmar Pharma and the entire pharmaceutical CMO sector to IMM PE for 512.4 billion won The private equity firm was to take over the pharmaceutical CMO sector valued at 336.3 billion won and Kolmar Pharma at 176.1 billion won. Prior to their general shareholders’ meeting, one of the top shareholders, National Pension Service (NPS) voted against the asset disposal. Regardless, the general shareholders have agreed to dispose the asset as planned. Voting against the asset disposal, NPS recently said, “The asset’s transfer scope and value of shares have not been finalized for the shareholders to deliberate.” Currently, NPS owns 11.75 percent of Kolmar Korea’s shares. However, the proceeds from sale could be lessened due to the result of additional negotiation between Kolmar Korea and IMM PE. Kolmar Korea disclosed the business transfer notice stating “The company is currently undergoing additional negotiation with the transferee about the scope of transferring asset, and the proceeds from sale may be lowered up to 15 percent, depending on the negotiation result.” Kolmar Korea’s shareholders may exercise their appraisal right until Oct. 5. An appraisal right is the statutory right of a shareholder, who opposed to an issue that the majority voted for in the general shareholders’ meeting, to demand the company to acquire their shares. The obliged purchasing price of the share is at 42,556 won. As the price is lower than the share price recorded on the day of the shareholders’ meeting at 45,900 won, the shareholders are unlikely to exercise their rights.
