[Featured Stock] Daewon Pharmaceutical, Oral COVID-19 Treatment Expected to Enter Overseas Markets... TG Phenon Tablets Gain Price Competitiveness Increased

[Asia Economy Reporter Hyungsoo Park] Daewon Pharmaceutical is showing strong performance. Expectations for the development of an oral COVID-19 treatment appear to be influencing the stock price.

As of 12:59 PM on the 14th, Daewon Pharmaceutical is trading at 18,600 KRW, up 14.46% from the previous day.

Last week, Daewon Pharmaceutical signed a Memorandum of Understanding (MOU) for comprehensive cooperation on entering the Middle East market for COVID-19 treatments with Sigala Healthcare of Saudi Arabia. According to the agreement, Daewon Pharmaceutical will be responsible for the domestic development, manufacturing, and commercialization of the oral COVID-19 treatment. Sigala Healthcare will handle sales in the Middle East region, focusing on Saudi Arabia and the Gulf Cooperation Council (GCC) member countries.

Last month, Daewon Pharmaceutical received approval from the Ministry of Food and Drug Safety for a Phase 2 clinical trial plan of 'Tigiphenon Tablets' for the treatment of COVID-19. A joint research team from Mount Sinai Medical Center in New York, USA, and the Hebrew University Biotechnology Center in Israel announced research results in July last year showing that fenofibrate, the main ingredient of Tigiphenon, blocks the replication of the COVID-19 virus.

In August this year, a joint research team from the University of Birmingham and the University of Kiel in the UK, the San Raffaele Scientific Institute in Italy, and the University of Copenhagen in Denmark also announced that fenofibrate can prevent COVID-19 infection by up to 70%.

Daewon Pharmaceutical’s Tigiphenon Tablets are a blockbuster product developed as a treatment for hypertriglyceridemia. Its safety has already been sufficiently verified through multiple clinical trials, and it has the advantage of superior price competitiveness.

Baek Seung-yeol, Vice Chairman of Daewon Pharmaceutical, said, "We are pleased to partner with the Sigala Group, a representative of the Middle East region, to play a pivotal role in the development of a COVID-19 treatment," adding, "We will accelerate the development and commercialization of the oral COVID-19 treatment by leveraging the technological capabilities and excellent network strengths of both companies."

Meanwhile, the Sigala Group ranked second in the Saudi Arabian pharmaceutical market share in 2019.

This content was produced with the assistance of AI translation services.