[Special Stock] Oreum Therapeutics Rises Above IPO Price on First Day of Listing

Orem Therapeutics is rising compared to its IPO price on the first day of listing.

At 9:20 a.m. on the 14th, Orem Therapeutics was trading at 27,750 KRW, up 38.75% from the IPO price.

Orem Therapeutics, a developer of degrader-antibody conjugate (DAC) new drugs, set its IPO price at 20,000 KRW per share. This is about 16% lower than the lower end of the expected IPO price range of 24,000 to 30,000 KRW.

Orem Therapeutics is a bio company that developed the world's first DAC. DAC is a type of antibody-drug conjugate (ADC). ADC consists of an antibody that targets, a payload which is a toxic substance that kills cancer cells, and a linker that connects the antibody and the payload. DAC is a platform that combines targeted protein degradation (TPD) instead of toxic substances as the payload.

Through its unique dual precision targeted protein degradation (TPD²) technology, it is developing innovative cancer treatments. Combined with the precise cellular delivery mechanism of antibodies, it has developed the first cell-selective protein degrader that accurately degrades specific target proteins within cancer cells. The molecular adhesive degrader payload delivers target proteins within cancer cells to specific cells via the E3 ubiquitin ligase pathway through antibody binding. This is an innovative approach that opens new horizons in therapy through precise degradation of target proteins.

Jongseon Park, a researcher at Eugene Investment & Securities, explained, "In 2023, a technology transfer agreement for ORM-6151 was signed with BMS, and in 2024, a technology transfer agreement for the TPD2 platform was signed with Vertex Pharmaceuticals."