[Special Stock] Dong-A ST Plummets Nearly 10% After Announcing "Biosimilar Technology Export"

[Asia Economy Reporter Ji Yeon-jin] Dong-A ST's stock has fallen more than 11% since news broke on the 21st about the technology export contract for the Stelara biosimilar psoriasis treatment under development.

As of 9:48 a.m. on the same day, Dong-A ST was trading at 87,900 KRW on the KOSPI market, down 11.39% (11,300 KRW) from the previous day.

Before the market opened that day, the company announced that it had signed a license and exclusive supply agreement with global pharmaceutical company Intas for the psoriasis treatment ‘DMB-3115’ currently under development. DMB-3115, a Stelara biosimilar, is a treatment for chronic plaque psoriasis, psoriatic arthritis, Crohn’s disease, and ulcerative colitis.

The upfront payment is 11.457 billion KRW, and milestone payments total 108.8415 billion KRW.

This contract is a multilateral agreement signed by Dong-A ST, its strategic alliance partner Meiji Seika Pharma, and Intas. The payments received from Intas will be distributed among Dong-A ST, Dong-A Socio Holdings, and Meiji Seika Pharma.

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