Sam Chun Dang Pharm said it secured an exclusive contract to supply its Eylea biosimilar to nine Western European countries, including the U.K., Belgium, the Netherlands, Norway, Portugal, Sweden, Greece, Ireland, and Finland.

Under the accord, Sam Chung Dang will receive 55 percent of the total sales from its partner. However, the company did not disclose the name of the partner, citing contractual reasons.

With this latest agreement, Sam Chun Dang stressed that it has established a sales network in key European markets, including the U.K., Germany, Spain, and Italy.

“We were able to enter into a favorable deal because, in the European market, where the Aflibercept pre-filled syringe (PFS) occupies 90 percent of the total sales volume, the company was the first to apply for approval from the European Medicines Agency (EMA) for an Eylea biosimilar PFS,” a company official said. “Also, our Eylea biosimilar has superior price competitiveness and does not infringe upon any of the original’s patents.”

Including a November deal with five European countries --Germany, Spain, Italy, Switzerland, and Austria, the company stressed that it has achieved contract payments and milestones totaling 50 million euros.

The company anticipates further increases in these figures as it secures additional countries, such as France, Eastern Europe, and North America, agreements beyond the 14 countries.

As part of the company's goal to launch its product in North America, the company had previously licensed out its biosimilar candidate to Apotex, a Canadian pharmaceutical company, with Sam Chun Dang eligible to receive up to $15 million in August of last year. 

After the company's announcement, Sam Chun Dang Pharm's stock price shot up by a daily limit of 30 percent to 111,100 won ($82.85) on Monday.