Hanmi Pharmaceutical (128940.KS) said Friday it has signed an export contract with U.S. healthcare company Organon to supply three combination drug products to the Malaysian and Philippine markets.
The contract is valued at approximately 52.7 billion won. The figure was calculated based on projected revenue of $34.088924 million (approximately 52.7 billion won) agreed upon by the two companies over the next 10 years. However, the actual supply value and projected revenue may vary depending on external factors such as inflation, exchange rate fluctuations, the launch of competing products, and drug price reductions.
Under the agreement, Hanmi Pharmaceutical will supply combination drugs in the cardiovascular and respiratory treatment fields, while Organon will handle local marketing, distribution, and sales.
Two of the products have already received regulatory approval in the Philippines. The remaining products will be exported sequentially after completing local approval procedures in the Philippines and Malaysia.
The two companies plan to pursue local approvals and product launches in stages while expanding the scope of their collaboration.
Founded in 2021, Organon is a global healthcare company with a portfolio of more than 70 products. It supplies pharmaceuticals and medical devices in approximately 140 markets worldwide, including Southeast Asia.
Hanmi Pharmaceutical described the contract as a strategic partnership aimed at strengthening its push into the Southeast Asian market, building on its experience collaborating with global pharmaceutical companies. Demand for pharmaceuticals is rapidly increasing in Southeast Asia due to population growth and rising prevalence of chronic diseases, and demand for combination drugs to treat chronic conditions such as hypertension is also on the rise.
"This collaboration is intended to expand treatment options for patients in Malaysia and the Philippines and improve access to healthcare," said Mazen Altaruti, Organon's President of Emerging Markets.
"We will accelerate our expansion into global markets based on our diverse portfolio of combination drugs," said Hwang Sang-yeon, CEO of Hanmi Pharmaceutical. "Through our partnership with Organon, we will improve treatment access for patients in Southeast Asia."
