A stock price soaring 6.1 times in just 10 months — from 49,100 won to 299,000 won — and a market capitalization jumping from 533 billion won (about USD 390 million) to 3.246 trillion won (about USD 2.38 billion).
KOSDAQ-listed D&D Pharmatech has become the talk of the securities market with its explosive rally. Despite reporting just 2.3 billion won (about USD 1.7 million) in revenue and an operating loss of 9.4 billion won (about USD 6.9 million) in the first half of this year, its stock continues to skyrocket on the back of its “obesity drug development” narrative.
Another company with a similar catalyst, Peptron, also saw its market capitalization swell by nearly 3 trillion won (about USD 2.2 billion) in a year. As the obesity-treatment market — led by Mounjaro and Wegovy — expands rapidly, companies pursuing next-generation drug development are enjoying a surge of investor enthusiasm.
According to the Korea Exchange on November 6, D&D Pharmatech shares climbed steadily from 49,100 won at the beginning of the year to close at 299,000 won, up 6.4-fold. Its market capitalization ballooned from 533 billion won to 3.246 trillion won, an increase of 2.713 trillion won (about USD 1.99 billion) — surpassing traditional pharmaceutical players such as Daewoong Pharmaceutical (1.678 trillion won) and CKD (Chong Kun Dang) (1.164 trillion won).
Even Ildong Pharmaceutical, which recently drew attention for its obesity-drug pipeline, remains below the 1-trillion-won mark at 968.1 billion won.
D&D Pharmatech previously transferred six oral obesity-drug candidates to Metsera, a biotech company reportedly courted by Pfizer and Novo Nordisk, in a deal worth approximately 1.1 trillion won (about USD 810 million).
Preclinical results for its newly announced candidate “MET-GGo” showed 29% body-weight reduction, outperforming Mounjaro’s 17.7%, further boosting investor optimism.
The company is also set to conduct a 300% stock split on November 14. While such stock dividends do not fundamentally alter market capitalization, analysts note that a lower nominal share price can enhance retail accessibility and market liquidity, potentially pushing the valuation even higher. Investors believe D&D Pharmatech’s market cap could continue to grow.
Peptron posted the largest increase in market value. Its stock surged from 99,000 won to 252,000 won, while market capitalization jumped from 2.329 trillion won to 5.876 trillion won (about USD 4.3 billion) — a 3.546-trillion-won gain in just 10 months.
Peptron specializes in GLP-1 (glucagon-like peptide-1) receptor agonists formulated for sustained release, extending dosing intervals. The company has been engaged in a joint research project with Eli Lilly since last year, with a decision on a definitive partnership expected by the end of this year.
Hanmi Pharmaceutical is expected to deliver the earliest tangible results in the obesity-drug race. Its stock has risen about 1.6 times from 278,500 won at the start of the year to around 443,500 won currently. The company previously drew attention by announcing Phase 3 clinical results for its GLP-1-based obesity-drug candidate “efpeglenatide.”
In addition, earlier this month Hanmi received U.S. FDA approval to initiate a Phase 1 clinical trial for HM17321, a next-generation obesity-drug candidate designed to increase muscle mass.
Globally, the obesity-drug market is currently dominated by Eli Lilly and Novo Nordisk, which lead with Mounjaro and Wegovy. The growing momentum from new drug developments has helped other players expand their market capitalization as well.
Analysts attribute the rapid market-cap growth of obesity-drug companies to robust market expansion and limited competition.
According to Goldman Sachs, the global obesity-treatment market is projected to reach USD 95 billion (about 137 trillion won) by 2030.
Oh Gi-hwan, head of the Bioeconomy Research Center at the Korea Biotechnology Industry Organization, commented:
