Celltrion Inc.'s biosimilar to Roche's breast cancer treatment Herception has won approval from the U.S. Food and Drug Administration, the South Korean drugmaker said Saturday. Celltrion's Herzuma is the biosimilar to Roche Holding AG's breast cancer treatment Herception, one of the world's most successful antibody medicines that raised $7.18 billion in sales in the United States in 2017. Teva Pharmaceutical Industries Ltd., a global pharmaceutical giant, will be in charge of its sales in the U.
South Korea’s dominant portal web operator Naver and Seoul’s Dongdaemun Special Tourist Zone have been included on the European Union’s “watch list” for acts of piracy and counterfeiting, according to a recent report.The European Commission, with the support of the EU Intellectual Property Office and Europol, published its first-ever watch list last week, naming 52 non-EU websites and marketplaces in more than 20 countries it alleges engage in, facilitate or benefit from piracy. (Credit : Seoul'
South Korea’s Hanmi Pharmaceutical said Friday that Sanofi has signaled the start of two new phase 3 clinical studies of the Type 2 diabetes drug candidate efpeglenatide by officially listing the plans on ClinicalTrials.gov, a US-based clinical trials registry site.By doing so, Sanofi has officially executed all five of its planned phase 3 clinical trial agenda for efpeglenatide, which Hanmi licensed out to Sanofi in 2015, according to the Korean drugmaker.So far, Sanofi has been carrying out th
Sales by the South Korean defense industry dropped 13.9 percent from a year ago to 12.76 trillion won (around $11.35 billion) last year, partly due to decreased exports and increased costs for research and development, an industry body said Friday.According to the Korea Defense Industry Association, an umbrella body of 93 defense-related companies, it marked the first time that the industry saw its sale fall since it began to compile related data in 1983.During the reported year, the industry's
Dec 14, 2018Industry
The International Air Transport Association (IATA) forecast that airlines in the Asia-Pacific region will post higher net profits next year on a rise in the number of travelers and lower oil prices, Korean Air Lines Co. said Thursday. While expecting the global airline industry to post a net profit of $35.5 billion in 2019, up 4 percent from $32.3 illion a year earlier, IATA Director General and CEO Alexandre de Juniac said airlines in the Asia-Pacific region will report a net income of $10.
Prosecutors raided the main offices of Samsung BioLogics Co. and its accounting firms on Thursday as part of a probe into alleged accounting fraud. The raids come about a month after the Financial Services Commission (FSC) ruled that Samsung BioLogics intentionally violated accounting rules ahead of its initial public offering in 2016. The case has been referred to the prosecution. The regulatory review centers on questions about the loss-making Samsung BioLogics’ reporting of sudden profits i
Air Busan Co., a low-cost carrier in South Korea, said Thursday it will expand its market presence and boost its image by making full use of funds generated by its planned listing in the country's stock market this month.In November, the budget carrier won approval from the Korea Exchange for the initial public offering on the KOSPI. (Yonhap)The company is to raise up to 20.8 billion won ($18.51 million), with the price per share being set at between 3,600 won and 4,000 won. "Through this listi
Hyundai Heavy Industries Co., the world's largest shipyard by sales, said Thursday that it has bagged a 634 billion won ($563 million) order to build two frigates.Under the deal with South Korea's Defense Acquisition Program Administration, Hyundai Heavy will deliver the two 2,800-ton ships by 2013 to the country's Navy. (Yonhap)The ship, 122 meters long and 14 meters wide, will have a maximum speed of 30 knots. The ships will carry a naval gun, various missiles and host of weapons control syste
Samsung Electronics Co. said Thursday it has promoted the status of its smart factory task force team to better help local businesses improve productivity of their production lines.The South Korean tech giant said it decided to launch the smart factory support center by expanding the task force team, which kicked off in 2015. (Yonhap)The move is seen as a response to the government's latest call to have conglomerates play bigger roles in creating jobs and fostering small and medium-sized compani
The Supreme Court has ruled that Samsung Electronics must pay a penalty to Korea Electric Power Co. for installing in-house electricity facilities to secure reserve power without permission from the electric utility company, court officials said Thursday.In a confirmation of lower courts' rulings, the top court said that Samsung's installation of unpermitted electricity facilities at its semiconductor manufacturing compound violated its electricity use contract with KEPCO. (Yonhap)KEPCO launched
Credit card companies will be able to send payment notices to customers via mobile messengers, a change that may save up to 3 billion won ($2.7 million) a year, officials said Thursday.The Credit Finance Association said that it has revised the standard clauses concerning mobile text messages, allowing credit card operators to use mobile messengers such as KakaoTalk, Line and WiBee Talk.(Yonhap)Credit card service providers have been using text messaging to notify their customers of their card u
South Korea's import prices fell by the sharpest pace in nearly four years last month due to a drop in crude oil prices, central bank data showed Thursday.As calculated in Korean won, the import price index lost 4.6 percent from a month earlier to a six-month low of 87.96 in November, according to the preliminary data from the Bank of Korea. (Yonhap)The 4.6 percent on-month dip marked the sharpest since January 2015, when the index fell 7.5 percent.The BOK said the recent downside trend of crud
Warner Bros. Consumer Products has appointed CJ ENM as its licensing agent in Korea, CJ officials said Wednesday.According to a press release from CJ, the Korean company has been entrusted with establishing a licensing business for WBCP’s portfolio of brands, including classic animation franchises Looney Tunes, Tom & Jerry and Scooby Doo; DC franchises including Batman, Superman, Wonder Woman and the Justice League; and the Wizarding World brand, which includes the “Harry Potter” and “Fantastic
Following a recent fire at an oil storage center and hot water pipeline ruptures that have caused casualties here, South Korea’s Trade, Industry and Energy Minister Sung Yun-mo on Wednesday reaffirmed the ministry’s principle of zero tolerance by calling an emergency meeting of agencies in the energy sector, underscoring the importance of safety management. Yun summoned the leaders of 31 government agencies in the energy sector -- including Korea District Heating Corp., Korea Gas Corp., Korea Na
Leading South Korean cosmetics company Amorepacific said Wednesday that its Sulwhasoo brand’s Essential Lip-serum Stick recently saw a surge in popularity after Song Hye-kyo used the product on hit TV show "Boyfriend." Sulhwasoo's Essential Lip-serum Stick ad featuring Song Hye-kyo (Sulhwasoo)The product became an instant sensation online after Song, one of the main actors of the drama airing on tvN, appeared on screen with shade No. 4 Rose Red. First launched in 2015, the collection now comes i