Samchundang Pharmaceuticals, led by CEO In-Seok Jeon, has made a significant stride by formalizing a supply agreement with Canadian company Apotex for their Eylea biosimilar, codenamed 'SCD411'. Eylea, renowned for treating macular degeneration, is set to be matched by the new biosimilar, promising a noteworthy collaboration. The agreement stands to bolster Samchundang Pharmaceuticals with a cumulative sum of $15 million (20 billion won), comprising progressive milestone payments from Apotex, and a share in post-launch net profits.

Following the pact's signing, an initial sum of $4 million (4 billion won) is scheduled for disbursement within 30 days to Samchundang Pharmaceuticals. Subsequent to this, an array of milestone payments for 'SCD411' will follow suit, unburdened by any repayment obligations. These milestones will correspond to various stages, including the submission of the product to the Canadian Health Department, successful completion of health department evaluations, and product authorization. Upon SCD411's debut in the Canadian market, Samchundang Pharmaceuticals is slated to partake in 25-50% of the quarterly net profit, contingent on prevailing market conditions. This pact is bound for a decade from the maiden product sale, with automatic renewal every biennial period post the initial 10 years.

Distinguished as a biosimilar of Eylea, a prominent macular degeneration therapy boasting Aflibercept as its central component, 'SCD411' has been validated as an equivalent through Phase 3 clinical trials, culminating in March. Samchundang Pharmaceuticals has expressed intentions to petition for approvals of 'SCD411' in key international markets.

In November 2022, Samchundang Pharmaceuticals entered into an exclusive supply agreement for SCD411 with a foreign pharmaceutical company for the European market. However, based on public records, the inception of this accord encountered successive postponements from February to May, and ultimately to July. Presently, the commencement has been deferred to October. The achievement of the supply agreement with Apotex for the Canadian market is poised to alleviate Samchundang Pharmaceuticals' reservations.

Commenting on the progress, Samchundang Pharmaceuticals remarked, "The Clinical Study Report (CSR) for the developmental journey of SCD411 was received in March." Furthering their stance, they added, "We are geared towards collaborating with Apotex in the forthcoming approval pursuits."