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The Korea Herald
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THE INVESTOR
March 29, 2024

Bio

Hanmi Pharma eases capability concerns with plant expansion plan

  • PUBLISHED :January 20, 2017 - 17:27
  • UPDATED :January 20, 2017 - 17:27
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[THE INVESTOR] Hanmi Pharmaceutical's plan to build a second plant sent its shares up over 4 percent on Jan. 20, calming investors’ concerns over the drug maker’s core technology capability.

The jump was followed by Hanmi’s announcement the previous day to invest 113.3 billion won (US$96.33 million) in manufacturing facilities at the second bio plant in a bid to expand capability to produce new drugs based on its exclusive platform technology called Lapscovery.




“It is part of the measures to strengthen production facilities for Lapscovery-based bio pharmaceutical drugs in partnership with business partners,” the firm said in a regulatory filing.

Hanmi shares soared to 305,000 won, up 4.05 percent during the morning session and pared its early gains to close at 300,500 won.

The construction work for the new plant, to be located in Pyeongtaek, Gyeonggi Province, will commence in June this year.

The move seems to ease doubts over Lapscovery, which is designed to prolong the duration of action of biologics, following a series of setbacks in export deals involved with the technology.

“Hanmi is working to improve yields in mass production of its investigative diabetes treatments Epfeglenatide and HM12525A, which are based on its proprietary Lapscovery technology. The efforts are raising hopes for a resumption of the stalled clinical trials,” said Seo Keun-hee, an analyst at Daishin Securities.

Hit by the collapse of tech export contracts and insider trading scandal, Hanmi shares nosedived 62 percent over the past year, wiping over 4.17 trillion won from its market cap.

In December, Jansen said it halted recruiting clinical patients for a novel diabetes drug which it had licensed from Hanmi. Sanofi also returned the development and commercialization rights for one of the three diabetes treatments. Both the drug candidates are based on Lapscovery technology.

By Park Han-na (hnpark@heraldcorp.com)

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