
Celltrion launches autoimmune disease treatment in US
Steqeyma, a treatment for plaque psoriasis, Crohn's disease, active psoriatic arthritis and ulcerative colitis, is Celltrion's seventh biosimilar product that has hit the US market, the company said in a press release.
The US Food and Drug Administration approved the biosimilar drug in both intravenous and subcutaneous formulations in December, it said.
Celltrion has been making efforts to expand its presence in the US biosimilar market.
In recent months, it has obtained FDA approval for the US sale of several biosimilars, including Avtozma, an autoimmune disease biosimilar to Actemra, as well as Stoboclo and Osenvelt, biosimilar drugs to Prolia and Xgeva.
The global market for Stelara is estimated at US$10.36 billion, with the US accounting for two-thirds of global sales.
Celltrion aims to commercialize 22 biosimilar products in global markets by 2030. (Yonhap)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Korea Herald
7 hours ago
- Korea Herald
Ruling party faces backlash on tax code revision
The ruling Democratic Party of Korea is facing backlash amid speculation that Friday's sharp drop in the Korea Exchange's main board Kospi may be associated with the Lee Jae Myung government's push to impose taxes on a wider scope of investors to address the tax revenue shortfall. On Sunday, Rep. Park Sung-hoon of the main opposition People Power Party said in a statement that the ruling bloc has "waged war against individual investors out of nowhere" through the proposed tax code revision, which he blamed for the Kospi's fall by 3.88 percent on Friday from the previous day's close, marking the sharpest decline in four months. About 99.17 trillion won ($71.36 billion) of market cap evaporated solely on Friday from 850 listed companies on the Kospi combined, according to the Korea Exchange, a day after the liberal administration on Thursday introduced a tax code revision to broaden the tax base. Also, over 90,000 people as of Sunday afternoon had signed an online petition posted just three days earlier Thursday to call on the ruling bloc to slam the brakes on the tax bill revision ― meeting the requirement of 50,000 signatures within 30 days for the matter to be brought to a parliamentary review. The proposed revision of the Income Tax Act indicates that those identified by year-end as stock investors holding at least 1 billion won in a listed company's shares will be levied a capital gains tax of at least 20 percent upon taking profits from selling shares until the end of the company's business year that follows. The same investor's losses in another company's stocks cannot be used to offset capital gains taxes from his or her profits, under South Korea's tax code. The online petitioner warned of a situation in which investors rush to sell off securities as the end of the year approaches ― even at a loss ― to offset capital gains tax, which it said would stymie the moderate rise of Kospi. "Is it realistic (to predict) that you'll be holding 1 billion won worth of shares (of a company by the year-end)? Most investors will begin selling shares when their stock holdings of a company begin to value about 700 or 800 million won," read the petition. Currently, those holding shares worth 5 billion won or more are imposed capital gains tax for their sales of securities. This follows the former administration's move by disgraced ex-President Yoon Suk Yeol to raise the bar for investors in South Korean companies to become a "major stockholder" under the Income Tax Act. In December 2023, the minimum threshold for a stock investor to be classified a "major stockholder" for capital gains taxation was raised to 5 billion won, up from the 1 billion won mark set in April 2020. "Am I paying (more taxes) because I'm holding a greater amount of stocks, not because I took bigger gains? If so, I'll surely exit the South Korean stock markets and turn to ones in the United States," the petition also read. The proposed tax code revision ― predicted to collect 35.6 trillion won in taxes ― also suggests that the securities transaction tax rate be raised from 0.15 percent to 0.2 percent. Na Jeong-hwan, a strategist at NH Investment & Securities, said in a note to investors Friday that fears of tax code changes "sparked questions about the government's policy to boost the stock market." The ruling bloc appears to have mixed views over the new tax code proposal. Democratic Party Rep. Jin Sung-joon, who leads the party's policymaking process, downplayed concerns that the tax code changes could stoke a bear turn in the stock market. Referring to an underperformance in domestic stocks under the Yoon administration, despite the eased capital gains tax rule, Jin said via Facebook on Saturday, "Many investors and experts are saying that if we change who is to be levied capital gains by rolling back (the tax relief of the Yoon administration) our stock market could experience a collapse, but precedents suggest otherwise." Presidential spokesperson Kang Yu-jung also played down a connection between the fluctuation in the stock market and the tax code revision announcement, saying in a briefing Friday that a cause-and-effect analysis on Friday's stock slide "must be carried out more delicately." However, before Friday's plunge, Rep. Lee So-young of the Democratic Party in a Facebook post Thursday raised doubts that those holding 1 billion won of stocks of a company should be deemed a major stockholder for capital gains taxation, adding that the move could disrupt investors, while the degree of increase in the tax revenue from the changes remains unclear. Rep. Kim Han-kyu of the Democratic Party also said Saturday that striking fairness in taxation schemes is important, but now is the time to focus on the Lee administration's campaign pledge for the Kospi to reach 5,000. The Kospi stood at 3,119.41 points at Friday's close.


Korea Herald
9 hours ago
- Korea Herald
Amorepacific glows abroad, sending profit soaring sixfold
Amorepacific Holdings, the parent company of South Korean beauty giant Amorepacific, reported a more than sixfold increase in second-quarter operating profit on the back of robust overseas expansion and solid gains in the domestic market. In a regulatory filing on Friday, the company posted an operating profit of 80.1 billion won ($57.6 million) for the April to June period, up 555.5 percent from 12.2 billion won a year earlier. Consolidated revenue rose 8.9 percent on-year to 1.09 trillion won. The group's flagship subsidiary, Amorepacific, led the gains with steady growth in Korea's beauty sector and continued momentum in overseas markets, reporting an 11.1 percent rise in revenue and more than a 17-fold increase in operating profit from a year earlier. Operating profit from its overseas operations soared 611 percent to 36 billion won, with domestic profit also rising 164 percent to 40.2 billion won. In regional breakdowns, revenue in the Greater China region surged 23 percent, driven by business model restructuring, according to the company. In the Americas, sales rose 10 percent, while sales in Europe, the Middle East and Africa climbed 18 percent. Among key subsidiaries, Etude saw a 196 percent rise in operating profit to 2.8 billion won, while Innisfree posted an 81 percent gain in operating profit despite a 9 percent decline in revenue to 53.2 billion won. 'We are actively pursuing a global rebalancing strategy,' an Amorepacific Holdings official said. 'This includes strengthening distribution partnerships in core overseas markets and exploring diverse business models."


Korea Herald
9 hours ago
- Korea Herald
SK On rebrands R&D arm to boost battery innovation
South Korean battery-maker SK On has renamed its core research and development center the "Future Technology Research Institute," strengthening its commitment to innovation-led growth and next-generation battery technologies. The institute, previously the SK On Battery Research Institute, has played a central role in the company's battery development since its early days, including the world's first NCM9 cell with 90 percent nickel content as well as the introduction of Z-folding technology. The newly branded institute will focus on diversifying battery chemistries and formats — including solid-state batteries, lithium iron phosphate batteries and prismatic designs — while prioritizing cost competitiveness and product safety as short-term goals. To reduce costs, SK On will advance its cell-to-pack integration and plans to complete lithium iron phosphate and midnickel cell-to-pack development by this year. A pilot dry electrode plant will also be established to cut energy and equipment costs. For safety, the company aims to complete solid-state battery prototypes using polymer-oxide gel electrolytes and complete production by the end of next year. The institute will also develop immersion cooling-based thermal runaway prevention technologies, with progress expected to accelerate following its planned merger with SK Innovation's lubricant subsidiary SK Enmove in November. 'With global competition intensifying and market conditions changing fast, we will grow SK On into a technology-driven company through a clear R&D strategy,' said Park Ki-soo, inaugural head of the institute and former head of R&D at SK On.