K-Bio Exports Top $11 Billion Amid Deal Surge
Expectations are growing that domestic pharmaceutical and bio companies will break last year’s all-time record performance as they successively succeed in technology exports in the second half of the year.According to the pharmaceutical and bio industry on Aug. 24, domestic pharmaceutical and bio te
The pharmaceutical and bio industry in Korea experienced a surge in technology exports in the second half of last year, with overall earnings topping $15 billion in 2022, according to an industry statement on August 24. Since January of this year, the total amount of disclosed contracts has surpassed $11 billion. Hanmi Pharmaceutical secured a license agreement in January to export the technology for HM17321, an obesity treatment candidate in phase 1 clinical trials, to Genentech, a subsidiary of the Roche Group.
The contract value can reach up to $2.3 billion, with an upfront payment of $190 million from Genentech. The contract is unique, as it is the largest for a single candidate substance in Korean pharmaceutical history, with an 8% upfront payment rate. HM17321's mechanism of action differs from Hanmi’s obesity treatment Efpe, which is anticipated for domestic launch within the year.
Efpe utilizes Hanmi’s LAPSCOVERY platform technology, while HM17321 is based on urocortin 2 (UCN2) and has potential benefits such as weight loss, muscle enhancement, and improved metabolic function. Hanmi Pharmaceutical is developing multiple pipelines under its H.O.P project, with HM17321 set for commercialization in 2031. Additionally, Hanmi exported Sonepeglutide, a bio drug candidate undergoing research for intestinal growth promotion, inflammation alleviation, and intestinal mucosa protection, to Eli Lilly, with a contract value of up to $1.185 billion and a $75 million deposit.
In the second half of the year, Alteogen, NeoImmuneTech, and OliX also signed license agreements, with Alteogen and NeoImmuneTech securing contracts worth up to $365 million and $260 million, respectively. These deals involve the development of subcutaneous (SC) formulations and treatment of thymic dysfunction, utilizing novel technologies such as recombinant human hyaluronidase ALT-B4 and interleukin-7 (IL-7) based T cell amplifiers.
The industry official emphasized that Korean pharmaceutical and bio companies' accumulated technology is yielding fruitful results, projecting potentially surpassing last year's export amounts if the current trend continues.
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