Genexine Strengthens TPD Technology by Merging with EPD Bio... Announces Co-CEOs Choi Jae-hyun and Hong Sung-jun

Genexine announced on the 26th that it will merge with EPD Biotherapeutics, a specialized company in innovative targeted protein degradation (TPD) bio-protac platform technology, to strengthen its research personnel with expertise in protac technology and enhance its new drug pipeline.

Genexine's new headquarters, 'Genexine Progen Bio Innovation Park,' located in Magok, Gangseo-gu, Seoul.
Photo by Lee Chunhee

Genexine disclosed that at the board meeting held on the same day, it resolved to absorb EPD Bio through a small-scale merger. The merger ratio is 1:6.1924079, and Genexine will issue new shares according to the merger ratio to the existing shareholders of the merged company, EPD Bio. The detailed merger procedures are expected to be completed by October.

Choi Jae-hyun, the founder of EPD Bio, is an expert in the TPD field who worked as a developer of anticancer antibody drugs and protac at Samsung Advanced Institute of Technology and Abinas. After the merger, CEO Choi is expected to join Genexine as the head of research and development (R&D) along with the core research team of EPD Bio. Genexine will later transition to a dual CEO system with Choi Jae-hyun and Hong Sung-joon after a shareholders' meeting. CEO Choi will be responsible for overall R&D and clinical development, while CEO Hong will oversee business development and overall management.

EPD Bio is developing bio-protac technology that can overcome the limitations of existing protac technology. It also won first place in the '2023 Korea Health Industry Development Institute-Takeda Acceleration Program,' which discovers and supports domestic pharmaceutical and bio companies with innovative technology and capabilities, sponsored by the Korea Health Industry Development Institute and Takeda Pharmaceutical.

Hong Sung-joon, CEO of Genexine, said, “Through this merger, Genexine has secured key talents with innovative technology capable of leading the global market and added innovative new pipelines based on bio-protac technology. We will continue our challenge to develop innovative new drugs that can lead the global market by combining EPD Bio’s bio-protac technology with Genexine’s clinical development and chemistry, manufacturing, and controls (CMC) development capabilities.”