[Market Focus] Daewoong Pharmaceutical Surges Over 9% on News of Diabetes Drug Export to Central and South America

Hits New 52-Week High

Daewoong Pharmaceutical is showing a strong performance on November 14, rising by over 9% following news of an export contract for its diabetes treatment to Central and South America.

As of 10:39 a.m. on this day, shares of Daewoong Pharmaceutical were trading at 177,400 won on the Korea Exchange, up 9.04% from the previous trading day. The stock opened at 160,200 won and at one point during the session soared to 181,400 won, setting a new 52-week high.

On this day, Daewoong Pharmaceutical announced that it had signed an export contract for its diabetes drug, Enblo Tab, with eight countries in Central and South America. The contract is valued at approximately 33.7 billion won, and when combined with existing contracts, the total amounts to about 143.3 billion won. As a result, Enblo Tab has now entered a total of 10 Central and South American countries, including Brazil and Mexico.

Enblo Tab is the 36th new drug developed with domestic technology and is the first sodium-glucose cotransporter 2 (SGLT-2) inhibitor diabetes treatment developed in Korea.