Sam Chun Dang Pharm shares decline after announcing 1st export of generic glaucoma eye drop to US

Sam Chun Dang Pharm shares fell 3.3 percent to 110,300 won ($80.5) as of 11:30 a.m. on Monday, after the company announced that it began exporting generic multi-use glaucoma eye drop to the U.S.

The Kosdaq-listed company held a ceremony last Friday at its current good manufacturing practice (cGMP)-certified Hyangnam plant in Hwaseong, Gyeonggi Province.

The exported product, a multi-use glaucoma eye drop, is independently developed and produced at Sam Chun Dang's Hyangnam facility.

Under its partnership agreements, Sam Chun Dang will receive 70 percent of the net profits from this product every quarter.

Sam Chun Dang had previously secured profit-sharing agreements with two U.S. partners, paying out 50 to 70 percent of the sales profits for 14 different generic ophthalmic products.

However, the company has not unveiled the names of the partners, citing contractual reasons.

The company is currently in the process of obtaining product approvals for the other products.

"The company expects that at least three generic ophthalmic products, including the glaucoma eye drop, will be exported to the U.S. this year," a company official said. "These export plans reaffirms Sam Chun Dang's technological prowess and determination to enter the global market."