SCD PHARM Climbs Despite Multiple Allegations[K-Bio Pulse]

This article was released as Pharm Edaily Premium Content on March 31, 2026, at 8:00 AM.

[Kim Saemi, Edaily Reporter] On March 30, SAM CHUN DANG PHARM(SCD PHARM) remained the hottest topic in the bio healthcare sector, drawing intense investor attention following CEO remarks at its annual general meeting (AGM) and a U.S. licensing deal disclosure after market close.

On March 30, SAM CHUN DANG PHARM. CO., LTD. (SCD PHARM.) ranked second in KOSDAQ trading value. (Source: MP Doctor)

SCD PHARM. Rally Defies Valuation Concerns

According to KG Zeroin MP Doctor (formerly MarketPoint), SCD PHARM. recorded trading value of won 419.5 billion, ranking second on the KOSDAQ with a 4.42% share.

The stock closed at won 1,184,000, up won 73,000 (6.57%) from the previous day. In after-hours trading, however, gains moderated, with shares rising won 39,000 (3.51%) to won 1,150,000.

Since becoming the No.1 KOSDAQ company by market capitalization on March 20, SCD PHARM has maintained its top position. As of the day, its market cap stood at won 27.77 trillion, significantly ahead of second-ranked EcoPro at won 19.92 trillion.

Market participants expressed puzzlement over the continued rally, even after CEO Jeon In-seok announced a won 250 billion block deal on March 24. At the AGM held earlier in Hwaseong, Gyeonggi Province more than 500 shareholders gathered while Jeon drew attention with unusually bold remarks.

According to industry sources, Jeon stated that the company’s S-PASS platform has evolved through first, second, and third generation technologies. The first generation technology is applied to oral insulin and oral GLP-1 therapies. The second generation, he claimed, could convert antibody drugs including Keytruda into oral formulations, while the third generation could enable oral vaccines.

After market close SCD PHARM disclosed a U.S. licensing agreement covering generics of oral diabetes drug Rybelsus and obesity drug Wegovy (semaglutide), with total milestone payments of $100 million (approx. won 150.8 billion). Details of the partner were not disclosed.

Notably, the profit sharing structure allocates 90% to SCD PHARM. and 10% to the partner. For 10 years from the first commercial sale, the partner is required to remit 90% of product sales revenue to SCD PHARM raising skepticism across the industry.

The company attributed this structure to its SNAC-free (SNAC-Frdd) technology claiming it successfully developed an alternative absorption enhancing material via S-PASS bypassing Novo Nordisk’s SNAC formulation patents valid through 2039.

A biotech venture CEO commented “Even with a proprietary technology that avoids formulation patents separate clinical trials are inevitable. Given that early-stage deals typically favor partners in profit sharing, this structure deviates significantly from conventional agreements.”

Recent share price trend of Celemics, Inc. (Source: MP Doctor)

Celemics Jumps on Ownership Change, Expansion Hopes

Shares of Celemics, Inc. surged to the daily limit, extending a sharp rally from around won 2,500 earlier this year to above won 10,000 recently. The rise appears driven by expectations of enhanced corporate value following a change in largest shareholder.

A company official said “The stock seems to reflect expectations for more active business expansion after the ownership change. There have been no other significant catalysts recently.”

Previously, Celemics disclosed a change in largest shareholder and a won 4.3 billion third-party allotment capital increase on February 4.

As a result, Park Jong-gap, director at Oneul E&M, became the largest shareholder with a 5.27% stake, replacing co CEOs Kim Hyo gi (3.75%) and Lee Yong hoon (1.52%). Park was subsequently appointed CEO, forming a co-CEO structure with Kim.

The company also announced plans to expand beyond its core NGS-based genomic analysis into biopharmaceuticals and AI based healthcare. Additional business areas include cosmetics, health supplements, precious metals and real asset distribution to secure new cash cows.

The board composition also highlights investment expertise, with Yoon Yoo sik, former CEO of SBI Private Equity, and Cha Jung jun, vice chairman of Akaylo Korea nominated as directors. Outside director nominee Kim Eun mi, former CEO of CHK Global, brings experience in cosmetics and consumer goods.

Further capital raising is also anticipated. The company proposed increasing its share issuance limit from 20% to 50%, and doubling the issuance cap for convertible bonds (CB) and bonds with warrants (BW) from won 50 billion to won 100 billion. The proceeds may be used for restructuring, financial improvement, diversification, facility investment, equity investments, and M&A.

IMBiologics Dismisses KS Concerns as “Overreaction”

Among decliners in the sector were Orum Therapeutics (-15.57%), IMBiologics Corp. (IMBiologics) (-12.28%), HansBiomed Corporation (-11.8%), and AbClon (-10.17%).

IMBiologics newly listed on March 20, initially surged fourfold from its IPO price of won 26,000 to won 104,000 on debut but has since declined. The stock fell 12.28% on the day to won 65,700, down 36.83% from its first-day close.

The decline appears partly linked to reports of two Kaposi’s sarcoma (KS) cases associated with Sanofi’s competing drug amlitelimab.

In response IMBiologics stated “We understand that even Sanofi does not view the KS cases as a major concern. The issue appears to be overinterpreted.”

The company noted that only two KS cases were reported among 3,778 patients indicating a very low incidence. Both cases were mild cutaneous forms and occurred in patients with pre-existing risk factors.

CEO Ha Kyung sik said “The recent stock decline is excessive relative to our fundamentals. We will communicate more actively about our performance going forward.”

Founded in August 2020, IMBiologics is focused on antibody therapies for autoimmune diseases and became the first Korean company to enter global clinical trials with a bispecific antibody in this field. In 2024, it achieved global licensing deals worth won 1.8 trillion for its key pipelines IMB-101 and IMB-102.

김새미 (bird@edaily.co.kr)