AJU IB Investment’s U.S. Subsidiary Solasta Ventures Pursues Exit from Biotech Firm Arcellx

"Expectations Rise for Investment Returns
with Space X IPO and Yanolja’s NASDAQ Listing"

Solasta Ventures, the Boston-based U.S. subsidiary of the Korean venture capital firm AJU IB Investment, is set to exit its investment in the biotech company Arcellx.

According to industry sources on December 22, AJU IB Investment is pursuing an exit from Arcellx with a target of achieving a final return multiple of over 8 times.

AJU IB Investment reportedly invested approximately 6 billion won in Arcellx at the Series B stage in 2019, followed by additional investments totaling over 10 billion won through subsequent rounds in 2020 and 2022. Solasta Ventures has not only participated in these investments but has also served as a board member of Arcellx, playing a leading role in the company’s growth.

Arcellx, founded in 2014 and headquartered in California, develops cell therapies targeting cancer and intractable diseases. The company has drawn attention for its products aimed at patients with relapsed/refractory multiple myeloma (rrMM) and for its next-generation CAR-T therapy development. In addition to Solasta Ventures, global investors such as NEA, Novo Holdings, and Takeda Ventures have also participated in Arcellx’s funding rounds.

Arcellx successfully debuted on the NASDAQ in early 2022, with its IPO price set at $15 per share. By the end of last month, the share price had soared to $72.71, bringing its market capitalization to approximately 5 trillion won.

An AJU IB Investment representative stated, “Since opening our U.S. office in 2013 and establishing our U.S. subsidiary Solasta Ventures in 2019, we have dedicated significant time and effort to pioneering the U.S. bio investment market.” The representative added, “We have also accumulated successful investment and exit experiences in the past, such as with ATEA Pharmaceuticals and Apellis Pharmaceuticals.”

Meanwhile, AJU IB Investment has recently attracted market attention for reportedly investing a certain amount in Space X, a private U.S. space development company, through Solasta Ventures’ Silicon Valley branch. The recent surge in Space X’s valuation is attributed to expectations of investment returns from its anticipated initial public offering (IPO). AJU IB Investment is said to expect returns of more than tenfold if the IPO materializes. Among its domestic portfolio, the anticipated resumption of Yanolja’s NASDAQ listing next year is also raising expectations for related investment exits.