SK Biopharmaceuticals aims to become 'big biotech'

The Seongnam, Gyeonggi-based biopharmaceutical company expects to swing back into profit next year with global sales of Cenobamate, and hopes to achieve an enterprise value of $15 billion by 2026.

SK Biopharmaceuticals CEO Lee Dong-hoon speaks during a press conference held in western Seoul on Tuesday. [SK BIOPHARMACEUTICALS]

SK Biopharmaceuticals aims to turn its epilepsy drug Cenobamate into a blockbuster with annual sales of $1 billion, the company said Tuesday.

The Seongnam, Gyeonggi-based biopharmaceutical company expects to swing back into profit next year with global sales of Cenobamate, which is being marketed under the brand Xcopri in the United States, and hopes to achieve an enterprise value of $15 billion by 2026.

The ambitious goal was announced by CEO Lee Dong-hoon during a press conference held in western Seoul that day.

Lee presented the biopharmaceutical company’s vision to become a global “big biotech” with Cenobamate, as well as a second commercial product to be launched via an acquisition deal by 2025.

Cenobamate is currently the company's biggest profit driver.

Now in its fourth year of sales in the United States, the number of Cenobamate prescriptions dispensed topped 22,000 per month in May. SK Biopharmaceuticals aims to push the figure to 30,000 by 2024.

SK Biopharmaceuticals is also eyeing therapeutics for cancer, the biggest therapeutic area globally, with radiopharmaceutical therapy and targeted protein degradation (TPD).

The company plans to bolster ties with TerraPower, a U.S. nuclear company, to develop radiopharmaceutical therapy. SK Inc. and SK Innovation invested $250 million into TerraPower last year.

SK Biopharmaceuticals also recently acquired a 60 percent stake in U.S. biotech company Proteovant Therapeutics, which specializes in TPD technologies, for $47.5 million.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]