[Market Focus] SK Chemicals Hits Record High on News of Dementia Drug Development with Aribio

SK Chemicals is showing strong performance in early trading.

As of 9:03 a.m. on October 23, SK Chemicals was trading at 77,500 won, up 12.48% (8,600 won) from the previous day. During the session, the price rose to 79,200 won, setting a new 52-week high. The preferred shares, SK Chemicals Preferred, also surged by 20%.

The boost in investor sentiment is believed to be driven by news from the previous day that the company has partnered with Aribio to develop a dementia treatment. The oral Alzheimer’s disease treatment 'AR1001', which the two companies are jointly developing, is based on 'Mirodenafil', a compound developed by SK Chemicals.

Aribio received the technology transfer for this compound from SK Chemicals in 2011 and has since been developing it as a dementia treatment. Currently, the efficacy and safety of the treatment are being verified through global Phase 3 clinical trials in 13 countries.

According to the agreement, the two companies will discuss various ways to collaborate, including the development of next-generation formulations of Mirodenafil, cooperation in global clinical trials, and manufacturing and export after the commercialization of AR1001.