S.Korea's ST Pharm supplies $49 mn worth of APIs to European drug firm

ST Pharm Co., a South Korean pharmaceutical firm, announced on Thursday that it had entered into an agreement to supply oligonucleotides to an undisclosed European multinational pharmaceutical company.

These oligonucleotides serve as the raw materials for developing therapeutic drugs that employ antisense oligonucleotide technology, which operates at the gene level.

The contract is valued at 63.1 billion won ($49.1 million), representing roughly 38% of the company's consolidated sales revenue for 2021.

Antisense oligonucleotide technology relies on substances like RNA and DNA to create therapeutic drugs that target genetic material.

ST Pharm operates as a raw material pharmaceutical subsidiary of Dong-A Socio Holdings and handles the consignment production of antisense oligonucleotide treatments.

Write to Jeong Min Nam at peux@hankyung.com