Hanmi Pharm Co’s shares fell 7.2% to ₩501,000 on Tuesday, extending declines after a sharp 30% gain the previous session.
The South Korean biotech firm’s stock traded between ₩464,500 and ₩553,000 during the session. The drop followed a Monday surge of 29.96%, or ₩124,500, which pushed the stock to ₩540,000 on August 24. Prior to the announcement, Hanmi’s shares had gained roughly 62% over three weeks.
The volatility stemmed from an exclusive global licensing agreement with Genentech, a subsidiary of Roche, for Hanmi’s experimental obesity drug candidate HM17321. Under the deal, Genentech secured worldwide rights to develop, manufacture, and commercialize the drug outside South Korea. The total contract value reaches up to $2.3 billion, including development, regulatory, and commercial milestones. An upfront payment of $190 million, non-refundable, was made, representing about 8% of the total potential value.
The KOSPI index edged higher on Tuesday, recovering marginally after sharp losses in the prior session.
