The acquisition of Hanmi Pharmaceutical's (128940) U.S. partner, Assertio Holdings, by Garda Therapeutics has drawn industry attention to the growth potential of Rolvedon (Rolontis), a neutropenia treatment developed by Hanmi. Because Assertio divested most of its assets except Rolvedon before being acquired, Garda is effectively investing in the single product Rolvedon. Observers expect that strengthened local sales strategies following the change of largest shareholder will lead to expanded sales.
According to the industry on the 19th, Garda recently acquired Assertio for a total of $125.1 million (about 184.9 billion won). Ahead of the acquisition, Assertio sold its major assets excluding Rolvedon—such as Indocin, Sympazan and Sprix—to Cosette Pharmaceuticals for an upfront payment of $35 million (about 51.7 billion won) along with product-specific milestone terms. The deal was struck after the business had effectively been reorganized into a single-product structure centered on Rolvedon.
While Garda acquired Assertio, it is interpreted as effectively investing in the single asset Rolvedon. Rolvedon is a neutropenia treatment originally developed by Hanmi Pharmaceutical and licensed to Spectrum in 2012, and it is the first biologic new drug from a domestic pharmaceutical company to receive U.S. Food and Drug Administration (FDA) marketing approval in the oncology field. Neutropenia refers to a condition in which the level of specific cells (neutrophils) in the blood is low. Rights were transferred when Spectrum was acquired by Assertio in 2023. Rolvedon's 2025 sales rose 13.48% from 2024 to $68.2 million (about 100.8 billion won), accounting for more than half of Assertio's total sales last year.
However, since its U.S. launch in 2022, its sales growth has been assessed as falling short of expectations. While the U.S. neutropenia treatment market is estimated at about 3 trillion won, Rolvedon's sales share stands at just 3%. This is attributed to the previously limited oncology sales capabilities of Assertio, which has a portfolio centered on pain and central nervous system (CNS) treatments.
By contrast, the new partner Garda is a company with strengths in maximizing the commercial value of prescription drug assets, employing a strategy of acquiring promising assets and then reorganizing pricing strategies and distribution networks to boost profitability. Accordingly, observers expect that Garda's acquisition of Assertio will positively affect the expansion of Rolvedon's sales network.
Along with the reorganization of the sales network, measures to improve patient convenience are also expected to follow. With Amgen's "Neulasta" dominating the related market, fierce competition is unfolding as biosimilar products successively enter the market following patent expiration. As a latecomer, Rolvedon is expected to accelerate the expansion of same-day dosing, moving away from the conventional method of administration 24 hours after chemotherapy.
