Chongkundang Forms Strategic Equity Investment and Joint R&D Partnership with Abclone

Acquisition of 1.4 Million Registered Common Shares of Abclone

On the 9th, Kim Youngjoo, CEO of Chongkundang, and Lee Jongseo, CEO of Abclone, posed for a commemorative photo after signing a strategic equity investment and joint research and development partnership. Photo by Chongkundang

Chongkundang has entered into a strategic equity investment and joint research and development partnership with Abclone, a company specializing in antibody drug development.

According to Chongkundang on May 12, the company held a signing ceremony with Abclone at its headquarters in Chungjeongno, Seodaemun-gu, Seoul, on May 9. Through the issuance of new shares, Chongkundang agreed to acquire 1.4 million registered common shares of Abclone, representing a 7.3% stake. In addition, Chongkundang secured the domestic sales priority rights for 'AT101 (Nespesel)', a CAR-T (chimeric antigen receptor T-cell) therapy for blood cancer currently being developed by Abclone. The two companies also plan to establish a comprehensive collaboration system for the joint development and commercialization of new CAR-T therapies and bispecific antibody-based drugs in the future.

AT101 is a drug for which Abclone is currently conducting phase 2 clinical trials, aiming to apply for expedited approval within this year. Once development is completed, Chongkundang will make a full-fledged entry into the domestic CAR-T therapy market through commercialization.

Furthermore, the two companies plan to jointly develop CAR-T therapies targeting HER2 (AT501), PSMA (prostate-specific membrane antigen), CD30 (a protein), and 4-1BB (involved in T-cell activation), as well as therapies for blood cancers, solid tumors, and bispecific antibody therapies. To this end, they intend to form a joint development committee to collaborate comprehensively, from setting development priorities to clinical trials, regulatory approvals, and commercialization strategies.

Kim Youngjoo, CEO of Chongkundang, stated, "This agreement goes beyond a simple investment, establishing a future-oriented partnership to develop globally innovative new drugs by combining the core competencies of both companies. Based on Abclone's next-generation immune cell therapy platform and proprietary antibody development technology, we will expand our bio-drug portfolio and secure competitiveness for entry into the global market."

Lee Jongseo, CEO of Abclone, said, "This agreement with Chongkundang, which possesses the highest level of R&D expertise in Korea, is a true model of mutual growth that goes beyond the limitations of Korean biotech companies. Based on this partnership, Abclone will be reborn as a platform-based innovative therapy company that sets new global standards."