ST Pharm has continued to win new contracts on the strength of its full-service contract development and manufacturing organization (CDMO) capabilities. Its order backlog has recently surpassed 500 billion won ($335 million), a record high.
The company said Wednesday it signed a supply contract worth $7.99 million with a Europe-based global pharmaceutical company for active pharmaceutical ingredients (APIs) for a small-molecule new drug.
The contract covers the first delivery tranche in 2027, with a deadline of Oct. 22, 2027. The product name and therapeutic indication were not disclosed under a confidentiality agreement with the customer. ST Pharm expects sales from this product to exceed 30 billion won this year.
With this contract, the company's order backlog grew to $353.86 million, up 58.7 percent from $223 million at the end of last year.
Since early this year, ST Pharm has posted steady contract wins across both oligonucleotide therapeutics and small-molecule new drug APIs. In January, it signed a supply contract with a US biotech for oligonucleotide therapeutic APIs worth approximately 82.5 billion won — ingredients for a severe hypertriglyceridemia treatment nearing commercialization. The contract value represents about 30 percent of ST Pharm's consolidated sales in 2024.
In February, the company signed a supply contract with a European pharmaceutical company for small-molecule new drug APIs worth 21.7 billion won. In March, it secured a contract with another Europe-based pharmaceutical company for oligonucleotide therapeutic APIs worth 89.8 billion won.
That March deal was the largest single oligonucleotide API supply contract ST Pharm had signed at the time, covering ingredients for a treatment already commercialized in the global market. The company's total order backlog stood at 463.5 billion won as of March, and has since crossed the 500 billion won mark through the latest contract.
ST Pharm is reinforcing its growth foundation around oligonucleotide therapeutic CDMO while expanding its small-molecule new drug API business, steadily broadening its overall scope.
"Through our second oligonucleotide building, we provide a full range of CDMO services from early clinical stages through commercial-scale production," a company official said. "We are evolving into a globally competitive company."
freiheit@heraldcorp.com
