Korea United Pharm stock rally upon winning $54 mn deal to provide drugs to Mexico

[Photo provided by Korea United Pharm Inc.]

Shares of Korea United Pharm Inc. rallied Monday after it won a deal to supply $54 million worth anti-cancer medicines to Mexico by 2024.

The Korean drug maker signed a contract with Medimex, a medical supplies procurement company designated by the Mexican government, to supply 16 types of anti-cancer drugs to seven state-led medical institutions including the Institute of Health for Welfare (INSABI) and the Mexican Institute of Social Security (IMSS). ‘

The Kospi-trading stock ended Monday 4.7 percent higher at 53,300 won.

The company will ship a total of $54 million worth anti-cancer medicines to the country by 2024, with the first batch of $14.04 million worth drugs to be delivered this year.

The Mexican government visited Korea United Pharm in March as part of the Korea Trade-Investment Promotion Agency (KOTRA)’s medicine export support program in an effort to relieve the country’s medicine shortage.

“The deal proves our company’s high quality drugs, stable supplying capabilities and price competitiveness,” said Kang Deok-young, CEO of Korea United Pharm. “We will take this opportunity to expand our market in the Central and South American region.”

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