Seoul Pharmaceutics Cancels Two Supply Contracts Worth 12.4 Billion Won

[Asia Economy Reporter Eunmo Koo] Seoul Pharmaceutical announced on the 17th that the oral disintegrating film (ODF) supply contract worth 8.6 billion KRW for dementia and schizophrenia treatments with PT SOHO INDUSTRI PHARMASI has been terminated due to a contract termination notice from the counterparty. Seoul Pharmaceutical explained, "This contract was terminated following a termination notice from PT SOHO INDUSTRI PHARMASI due to the counterparty's loss of market competitiveness and delays in product approval."

They also announced that the finished drug supply contract worth 3.8 billion KRW with Darou Gostar Tadbir Nikan Co. was terminated due to a contract termination notice from the counterparty. Seoul Pharmaceutical stated, "This contract was terminated following a termination notice from Darou Gostar Tadbir Nikan Co. due to weakening local market conditions and political and economic sanctions."