[JPM 2026] "BBB Shuttles Now Essential"...ABL Bio Signals Next Big Pharma Deal Following Lilly and GSK

Meeting with Reporters at JPMHC
From Central Nervous System Diseases to Obesity Treatments
Expanding Applications of the Grabody-B Platform

Last year, ABL Bio successfully secured consecutive trillion-won technology export deals with Eli Lilly and GlaxoSmithKline (GSK), and is now hinting at another major partnership with a global pharmaceutical company.

On January 14 (local time), ABL Bio CEO Lee Sanghoon (pictured) met with reporters during the 44th JP Morgan Healthcare Conference (JPMHC) in San Francisco, California, and stated, "In addition to GSK, Sanofi, and Eli Lilly, I believe new partnerships are possible," adding, "There is a clear trend among global pharmaceutical giants to view BBB (blood-brain barrier) shuttles as an essential asset."

ABL Bio's BBB shuttle platform is a delivery technology that enables drugs to cross the 'barrier' that typically prevents them from entering the brain, by attaching a specific receptor-binding function to antibodies. Simply put, it acts as a 'pass' for substances that have difficulty exiting blood vessels, allowing them to reach brain tissue. Although there are many therapeutic targets for central nervous system diseases such as Alzheimer's and Parkinson's, drug delivery remains the biggest challenge. As a result, major pharmaceutical companies are increasingly seeking to secure BBB shuttles as a next-generation essential platform.

‘Grabody-B’ was licensed to GSK in April last year in a deal worth approximately 4.1 trillion won, followed by a contract with Eli Lilly in November valued at about 3.8 trillion won. Lilly also made a strategic equity investment of 22 billion won. In 2022, ABL Bio exported its Parkinson’s disease bispecific antibody candidate, ABL301, to Sanofi. Grabody-B is a platform that targets IGF1R (Insulin-like Growth Factor 1 Receptor), enabling drugs to cross the BBB and reach the brain. CEO Lee emphasized the platform’s scalability, saying, "Even if a transferrin receptor (TfR)-based shuttle already exists, if IGF1R is the right solution, major pharmaceutical companies may adopt it additionally."

At this year’s JPMHC, ABL Bio placed particular emphasis on clinical development and commercialization "beyond the platform." Referring to the bispecific antibody ABL001 (partnered with U.S.-based Compass Therapeutics), which is being developed as a second-line treatment for cholangiocarcinoma, CEO Lee said, "Compass is preparing for independent sales in the U.S. and recently appointed a commercial head." He continued, "There are about 25,000 new cholangiocarcinoma patients each year, and if we assume 70% receive second-line treatment, the market exceeds 1 trillion won and could reach up to 1.5 trillion won. The year 2027, when we begin receiving royalties, will be a critical inflection point."

CEO Lee also noted growing market interest in bispecific antibody-drug conjugates (ADCs). ABL Bio has submitted an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for a Phase 1 clinical trial of its bispecific ADC candidate ABL206, aiming to release initial clinical data in 2027. "Bispecific antibodies are one solution to the challenge of payload delivery," he explained. "It is difficult to differentiate using only linkers, so we are moving toward combining payloads with technologies that selectively activate in the tumor microenvironment."

He also shared his assessment of the status of Korean biotech. "As Western pharmaceutical giants actively pursue opportunities in China, there is a growing perception that 'Korea is the next step after China,'" he said. "However, Korea still lacks late-stage clinical assets, so there is a gap in the 'clinical maturity' that big pharma requires." He continued, "The ideal model is to generate revenue through technology transfer and use that capital to push clinical development through to commercialization. Korean companies need to move from 'early-stage technology' to 'clinical development and commercialization' to strengthen their negotiating power with major pharmaceutical companies."

CEO Lee added, "This year’s JP Morgan conference was quieter than usual, and the presence of Chinese delegates was noticeably reduced." He explained, "While the biosafety law is an issue, the bigger factors are geopolitical tensions and practical restrictions such as visas." Nevertheless, he emphasized, "Korea has excellent clinical execution capabilities and has built trust with global clients in CDMO (contract development and manufacturing). As big pharma shifts its focus to Korea, we must achieve 'clinical results' to secure the next phase of deals."