ADC 3 Trillion-Won Tech Transfer... Aimed Bio Targets "Untapped Cancer Types"

KOSDAQ Listing Scheduled for Early Next Month
Backed by Samsung Life Science Fund Investment

Aimed Bio, a biotech company specializing in ADCs (antibody-drug conjugates) and backed by investment from Samsung, has announced its intention to go public on the KOSDAQ market. The company is highlighting its competitiveness in new drug development, including technology transfer deals exceeding 3 trillion won during its unlisted phase and achieving operating profit surpluses.

At a press conference held on the 18th at the 63 Building in Yeouido, Seoul, Heo Namgu, CEO of Aimed Bio, stated, "Currently, ADC anti-cancer drugs account for less than 5% of the total oncology drug market," adding, "We are developing ADCs targeting unmet needs in cancer types and targets not addressed by Enhertu, the top-selling ADC anti-cancer drug." CEO Heo explained, "Linker (the chemical structure connecting the antibody and drug) and payload (the drug) technologies are rapidly becoming standardized at the global level. Ultimately, the key is how we position which asset (new drug candidate) for which target and patient group." ADCs are targeted cancer therapies created by connecting antibodies and payloads via a linker. They can be described as "targeted missile" anti-cancer drugs, delivering toxic agents directly to specific cancer cells.

Heo Namgu, CEO of Aimed Bio, is explaining the competitiveness of the pipeline at a press conference held on the 18th at the 63 Building in Yeouido, Seoul. Photo by Jeong Donghoon

Aimed Bio was established in 2018 as a spin-off from the Samsung Medical Center's Intractable Cancer Research Project. The company was founded by Nam Dohyun, a leading expert in brain tumors at Samsung Medical Center, who currently serves as Chairman of the Board and Chief Technology Officer (CTO). Aimed Bio attracted significant market attention in 2023 when it secured investment from the Samsung Life Science Fund, jointly established by Samsung C&T, Samsung Biologics, and Samsung Bioepis.

The company's core strength lies in its integrated ADC development platform, "P-ADC™," which combines patient-derived cells (PDC), animal models (PDX), and genomic and transcriptomic data. Using high-quality samples and big data sourced directly from cancer patients, the platform identifies "clean targets"-those expressed minimally in normal tissue but highly in cancer tissue-and completes ADC candidates after confirming antibody binding and internalization capabilities in patient-derived cells. CEO Heo emphasized, "Simply obtaining a few patient samples is not enough; the entire technical capability to analyze, culture, and connect these to preclinical translational research is essential. The hospital-based technology accumulated over more than a decade serves as a significant entry barrier."

The global ADC market is growing at an average annual rate of over 29%, and as of 2023, the total value of global ADC technology transfer deals exceeds $16.5 billion (approximately 20 trillion won). With major pharmaceutical companies such as Merck, AstraZeneca, Pfizer, and Roche signing multi-trillion-won deals, the value of "completed ADC assets" is outpacing that of platform companies. CEO Heo noted, "Platform deals often have upfront payments of less than $10 million (about 1.46 billion won), but competitive ADC assets are traded for at least tens to hundreds of billions of won. Aimed Bio is not a company that sells platforms; we specialize in creating high-value-added ADC assets that global pharmaceutical companies can directly acquire."

Aimed Bio has already transferred all three of its key ADC assets, which are in preclinical or early clinical stages, to external partners. The "first-in-class" ADC "AMB302," targeting FGFR3 (fibroblast growth factor receptor 3), was licensed to Biohaven, a NASDAQ-listed company in the United States. The solid tumor ADC "AMB303," targeting ROR1 (receptor tyrosine kinase-like orphan receptor 1), was transferred to SK Plasma, part of the SK Group. Additionally, an undisclosed new target ADC was licensed to Boehringer Ingelheim in Germany under a mega-deal worth up to 1.4 trillion won.

Heo Namgu, CEO of Aimed Bio, is explaining the competitiveness of the pipeline at a press conference held on the 18th at the 63 Building in Yeouido, Seoul. Aimed Bio

Collaboration with Samsung Biologics is a key pillar in Aimed Bio's platform expansion. Samsung Biologics, which is strengthening its ADC CDMO (contract development and manufacturing organization) capabilities, has been seeking partners to enhance its own payload technology for the past two years. Aimed Bio was selected as the sole co-development partner for the "ADC Toolbox Program."

Although primarily a new drug developer, Aimed Bio also boasts strong financials. After turning to operating profit in the second half of last year, the company maintained profitability in the first half of this year, recording two consecutive profitable half-years. Last year's annual revenue surpassed 10 billion won, and this year's revenue is expected to exceed 40 billion won, with operating profit projected at around 20 billion won. As of the end of September this year, the company had total assets of about 92 billion won, of which more than 85 billion won were current assets, and liabilities amounted to 3 billion won.

Through this KOSDAQ listing, Aimed Bio plans to offer a total of 6.43 million shares, with an offering price band of 9,000 to 11,000 won. The expected market capitalization after listing ranges from 577.4 billion to 705.7 billion won. The listing is scheduled for December, with Mirae Asset Securities as the lead underwriter. The largest shareholder has committed to a lock-up period of more than two years, reducing concerns about an overhang (potential shares for sale) immediately after listing. CEO Heo stated, "Even while unlisted, we have maintained active and transparent communication with shareholders, and this trust has led to a voluntary lock-up commitment. After listing, we will continue to regularly share key milestones, IND approvals, and clinical trial progress on a quarterly basis."