Tag - global market

Korean biosimilars make inroads into Europe

[THE INVESTOR] Propelled by Samsung Bioepis and Celltrion, South Korean biopharmaceutical companies are gaining a foothold in Europe with their biosimilars, cheaper copycat versions of biologics. Celltrion’s Remsima — biosimilar replication of rheumatoid arthritis treatment drug Remicade — and Samsung Bioepis’ Benepali — biosimilar copy of Amgen’s rheumatoid arthritis treatment Enbrel – along with Flixabi, another Remicade biosimilar, are already selling in Europe, one of the world’ largest market for such drugs. Three other biosimilars are awaiting permission from the European [...]

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Hyundai’s domestic SUV sales top 2 million

[THE INVESTOR] The number of Hyundai Motor ’s sport utility vehicles sold in South Korea has broken the 2 million mark, industry data showed on July 5. Hyundai is the first South Korean carmaker to sell more than 2 million SUVs in the local market. According to industry data, a total of just under 2.012 million units of Hyundai SUVs have been sold here since 1991 when the carmaker introduced its first SUV — the Galloper based on Mitsubishi Pajero. Apart from [...]

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Antitrust body rejects SKT's takeover bid: sources

Korea’s antitrust watchdog has rejected SK Telecom Co.’s bid to take over the country’s dominant cable TV operator, citing concerns about a negative impact on normal market competition, industry and government sources said Tuesday. SK Telecom, the top mobile carrier here, has sought to acquire CJ HelloVision Co., an affiliate of CJ Group, saying it hopes to raise its competitive edge as an all-round media platform operator. The merger, if realized, would make the company the leading service provider in 21 [...]

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Big Korean pharma firms launch venture capital biz

[THE INVESTOR] A handful of Korean pharmaceutical companies are scurrying to set up venture capital firms to find new revenue sources by investing in smaller firms in need of capital. Hanmi Pharm announced on July 4 that it has founded a 10 billion won (US$ 8.7 million) investment company that will invest into biotech and pharmaceutical fields. “We will contribute to create an open innovation ecosystem by focusing on discovering new drug candidates and pharmaceutical and biotech start-ups,” said Lim Jong-hoon, [...]

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CJ joins bid for Korean unit of McDonald's

The CJ Group, a Korean food and entertainment conglomerate, said Wednesday it has joined the race to buy the Korean unit of U.S. fast food chain McDonald’s. McDonald’s, which directly manages about 400 stores in Korea, has been looking for local partners to run them as franchise stores that pay annual commissions instead. In a regulatory briefing, the CJ Group said it has submitted a letter of intent to the American headquarters of McDonald’s, but “hasn’t decided which affiliate will take [...]

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Seoul shares turn higher in late morning trades

Korean shares turned higher late Tuesday morning as investors took relief from stimulus steps by central banks worldwide to contain the fallout from Britain’s vote to leave the European Union. The benchmark Korea Composite Stock Price Index rose 1.55 points, or 0.08 percent, to 1,928.40 as of 11:20 a.m., after dropping to an intraday low of 1,907.49. Investor sentiment is also boosted by the Korean government’s plan to draw up trillion won supplementary budget, to help cushion the impact from the [...]

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Park calls for watertight crisis management system over Brexit

President Park Geun-hye on Monday called on her government to maintain a “watertight” crisis management system to minimize the potential negative ramifications from Britain’s decision to leave the European Union. In her first public statement following last week’s referendum in Britain, Park also ordered the government to take “all necessary measures” to stabilize the local stock market that suffered a sharp drop after Britons voted to exit the EU on Thursday (local time). “Along with the 24-hour monitoring system that is [...]

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Brexit raises concerns over exports

Britain’s departure from the European Union is drawing mixed reactions here, with local experts offering dim prospects for Korean exporters but some others viewing the historic change as an opportunity for the world’s seventh-largest exporter to outpace its rivals in the overall European market. Amid growing concerns, the Korean government said Sunday it would prepare for separate trade talks with the EU and Great Britain. In 2009, South Korea and the EU signed a bilateral free trade agreement, which took [...]

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