SK Chemicals' Shares Climb After AstraZeneca Deal
21 Juli 2023 - 6:24AM
Dow Jones News
By Kwanwoo Jun
SK Chemicals' shares climbed Friday after it won a contract with
biopharmaceuticals giant AstraZeneca.
Shares of the South Korean chemical-drug company rose as much as
26% to 82,000 won ($64.21) in morning trade. The stock pared gains
later but was still trading 11% higher at around noon, on course
for the sharpest daily percentage gain in almost two years,
according to FactSet.
The stock benchmark Kospi was last up 0.1%.
SK Chemicals said in a regulatory filing after Thursday's market
close that it signed a contract-manufacturing-organization
agreement to supply AstraZeneca U.K. with a diabetes drug jointly
developed by both companies for five years until the end of 2029.
It didn't disclose the value of the contract, citing a
confidentiality agreement.
The diabetes treatment, Sidapvia, was approved in South Korea by
the Ministry of Food and Drug Safety approved on June 30, SK
Chemicals officials said.
Under the deal, SK Chemicals will manufacture and supply
Sidapvia, and AstraZeneca will market it globally.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
July 21, 2023 00:09 ET (04:09 GMT)
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