S.Korea's Hanmi Pharm falls as Sanofi returns $3.14 bln drug rights

Hanmi Science

14/05/2020 01:50

** Shares of Hanmi Pharm Co Ltd  128940.KS  fall as much as
12% to a one-month low
    ** Pharmaceutical co says in a regulatory filing Sanofi SA
 SASY.PA , which had bought the rights to Hanmi's diabetes drug
efpeglenatide in 2015, has decided to return the rights due to a
change in business strategy
    ** Sanofi agreed in 2016 to pay about 2.9 billion euros
($3.14 billion) for Hanmi drug's rights transfer, pending
clinical trials and sales milestones
    ** While the rights were bought in 2015, the agreement was
changed in 2016 with a reduced purchase amount 
    ** Hanmi said it will not return 200 million euros ($216.38
million) in upfront payment received from Sanofi 
    ** Parent company Hanmi Science Co Ltd  008930.KS  shares
fall as much as 16%
    ** The benchmark KOSPI market  .KS11  was trading down 1% as
of 0021 GMT

($1 = 0.9243 euros)

 (Reporting by Joyce Lee)
 ((jungyoon.lee@tr.com; +82 2 6936 1467;))