Daewoong Pharmaceutical’s cumulative tech exports exceed $870 mn

South Korea’s Daewoong Pharmaceutical said on Friday that it had concluded three technology export agreements for new drugs and new drug candidates as of May 2023. The total size of the technology exports is 1.16 trillion won ($870 million). 

The journey commenced in January with the launch of the idiopathic pulmonary fibrosis candidate therapeutic agent, "Bersiporocin (DWN12088)." Daewoong Pharmaceutical inked a technology export deal for Bersiporocin with UK-based CS Pharmaceuticals (CSP). Bersiporocin, a new drug that received FDA phase 2 clinical approval and fast-track designation last year, saw the contract size reach $336 million, equivalent to around 413 billion won based on the prevailing exchange rate.

In February, Daewoong struck a technology export deal for the diabetes treatment "Envlo" in Central and South America, which amounted to $84.36 million, encompassing technical fees. Last month, during President Yoon Suk Yeol's US state visit, a contract was signed at the "Korea-US Digital and Biohealth Business Forum" to transfer the global development and commercialization rights of the oral autoimmune therapeutic candidate DWP213388 to Vitalli Bio, a portfolio company of the US biotechnology investment firm Aditum Bio. The contract, excluding royalty revenue, reached $477 million.

"We are gaining recognition as a formidable player in the global pharmaceutical and biotech markets through a series of substantial technology export deals since the beginning of the year," CEO of Daewoong Pharmaceutical Jeon Seng-ho stated. He emphasized the company's commitment to developing new drugs as future growth drivers and expanding exports through active engagement in foreign markets.

Write to Min Su Han at hms@hankyung.com