S.Korea's Hanmi Pharm plunges after Janssen returns rights for drug

Hanmi Science

04/07/2019 01:52

** South Korea's Hanmi Pharm Co Ltd  128940.KS  and Hanmi
Science  008930.KS  plunge after Janssen Pharmaceuticals decides
to return rights for obesity/diabetes drug to Hanmi Pharm
 urn:newsml:reuters.com:*:nS6N211024
    ** Shares of Hanmi Pharm lose nearly 20% while Hanmi Science
drops nearly 22%, pulling the pharmaceutical sub-index  .KS32 
down 2%
    ** Hanmi Pharm signed a license deal in 2015 with Janssen
over a obesity/diabetes drug named HM12525A
    ** Janssen decides to return the rights after the drug fails
to pass an internal assessment on glucose control, according to
a regulatory filing
    ** Hanmi will not return upfront payment worth $105 mln -
regulatory filing
    ** Short-term shocks in Hanmi Pharm's stock price would be
inevitable, but more than 10% of fall in its shares seems
excessive, William Ku, an analyst at NH Investment & Securities,
says in a report
    ** The broader KOSPI market  .KS11  was trading up 0.3%

 ((hayoung.choi.thomsonreuters.com@reuters.net))