[비즈한국] The domestic pharmaceutical and biotech industry in 2025 is evaluated as having entered a recovery phase, overcoming the slump that led to investment freezes. Beyond recording record-breaking global licensing deals, the industry has shown signs of emerging from the investment winter. In particular, ADC (Antibody-Drug Conjugates), obesity, and dementia treatments have led the market both domestically and internationally.
According to the Korea Venture Capital Association on the 30th, new VC (Venture Capital) investment in the biotech sector from the start of this year through November reached 1.052 trillion won. This is nearing last year's annual total of 1.0695 trillion won. With December investments yet to be added, it is expected to surpass the 2022 level (1.1058 trillion won), although it may not reach the all-time high of 2021 (1.677 trillion won).
The influx of capital into the pharma-biotech sector can be attributed to the remarkable licensing achievements of domestic companies this year. According to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association and others, excluding undisclosed contract values, the total contract value of domestic pharma-biotech licensing deals this year is estimated at approximately $15.03 billion (21.52 trillion won). This figure far exceeds the previous record of 14 trillion won in 2021.
The modalities (treatment methods) and indications that received intense interest from the global pharma-biotech industry throughout the year were definitely ADC (Antibody-Drug Conjugates) and obesity. These were also the major topics of presentation at the J.P. Morgan Healthcare Conference held in January. Held every January, this event acts as a barometer for investment sentiment and technical trends in that year's pharma-biotech market, as it features strategic announcements from global big pharma and meetings with promising biotech partners.
Anticancer 'Precision Guided Missile' ADC, Licensing Deals and Clinical Trials Boom
ADCs, which use a linker to combine a payload (drug) with an antibody to precisely target only cancer cells, are the next-generation anticancer modality that the pharma-biotech industry is paying attention to. Since the launch of Daiichi Sankyo's breast cancer treatment Enhertu in December 2019, it has led the growth of the global ADC market. Enhertu's revenue from April to September this year was 318.4 billion yen (2.934 trillion won), a 21.9% increase compared to the same period last year.
Domestically, AimedBio497550 and IntoCell486240 have made a mark in the ADC field. AimedBio licensed out its ADC new drug candidates to U.S.-based Biohaven in January and Germany's Boehringer Ingelheim in October. While the contract value with Biohaven remains undisclosed, they struck a "big deal" worth $991 million (1.4 trillion won) with Boehringer Ingelheim. AimedBio, which listed on the KOSDAQ on the 4th with an offering price of 11,000 won, reached a market capitalization of 3.6954 trillion won as of the 30th, ranking 18th on the KOSDAQ.
IntoCell received approval from the Ministry of Food and Drug Safety (MFDS) last month for a phase 1 clinical trial plan for its ADC candidate 'ITC-6146R,' following similar approvals in the U.S. this month. With reports that a phase 1 clinical trial plan for an ADC candidate co-developed with Samsung Bioepis has also been submitted in the U.S., the company is gearing up for full-scale clinical development of its ADC candidates. IntoCell, which listed on May 23rd, ended 2025 with a market capitalization of 861.1 billion won.
Celltrion068270 also declared its transition from a biosimilar developer to a new drug developer. CEO Seo Jin-seok unveiled an ADC new drug development roadmap at the J.P. Morgan Healthcare Conference earlier this year. In March and May, the company received approval from the U.S. Food and Drug Administration (FDA) and the MFDS, respectively, for phase 1 clinical trials of CT-P70 for treating solid tumors such as non-small cell lung cancer. In September, the MFDS also approved a phase 1 clinical trial plan for CT-P73 to treat advanced solid tumors, including cervical, head and neck, and colorectal cancer.
As interest in ADC treatments grows, CDMO companies are actively entering the market. John Rim, CEO of Samsung Biologics207940, spoke as a main-track presenter at the J.P. Morgan Healthcare Conference, announcing the operation of dedicated ADC production facilities and order plans. Lotte Biologics also debuted its proprietary ADC platform 'SoluFlex Link,' introducing an ADC production strategy that links its Syracuse plant in the U.S. with the future Songdo plant in Korea. Chong Kun Dang's subsidiary Kyungbo Pharmaceutical is also currently constructing an ADC production facility to begin full-scale CDMO operations in August 2027.
Obesity Treatment War: Competition in Formulations and Long-acting Drugs
In the second half of this year, companies related to obesity treatments drew significant attention. As Eli Lilly's Zepbound (domestic name Mounjaro) surpassed the global sales of Novo Nordisk's Wegovy, obesity treatments became a global buzzword, with competition between Novo Nordisk and Eli Lilly for next-generation obesity drugs coupled with the entry of latecomers like Pfizer. Next year, it is expected that even more convenient treatments will hit the market, such as an oral version of Wegovy in the first half and Eli Lilly's oral obesity drug 'Orforglipron' in the second half. The race for market dominance among global pharmaceutical companies is expected to continue for the time being.
Domestic companies have also shown remarkable achievements in developing obesity treatments. Hanmi Pharmaceutical128940 applied for domestic 품목허가 (marketing authorization) for 'Efpeglenatide' to the MFDS on the 17th. Its strength lies in its stable supply, as it is produced in-house at the Pyeongtaek Smart Plant, unlike foreign obesity treatments like Wegovy or Mounjaro. Last month, it also received FDA approval for a phase 1 clinical trial for its next-generation obesity drug 'HM17321,' challenging the global market. It is garnering attention as a 'First-in-class' drug due to its innovative mechanism of increasing muscle mass while reducing weight.
Ildong Pharmaceutical and D&D Pharmatech are accelerating the development of oral obesity treatments. Ildong Pharmaceutical is developing 'ID110521156' through its drug discovery subsidiary Unovia; in its phase 1 top-line results released in September, it confirmed an average weight loss effect of 9.9% and up to 13.8%. The company plans to enter global phase 2 clinical trials and pursue licensing deals next year simultaneously.
D&D Pharmatech reaped the benefits of its partner Metsera's rising corporate value. In October, Metsera was acquired by Pfizer, which offered $4.9 billion (7.0256 trillion won). However, Novo Nordisk jumped into the acquisition battle, and after intense competition, the acquisition was finalized at a scale of $10 billion (14 trillion won). D&D Pharmatech licensed out multiple injectable and oral obesity treatment candidates to Metsera. Peptron is also facing intense interest from global pharma companies developing obesity drugs. It is reported that Eli Lilly is currently conducting a technical evaluation of Peptron's long-acting drug delivery technology, 'SmartDepot.'
Dementia, a Challenge of the Aging Era, Sees Successive Trillion-Won Licensing Deals
Beyond ADC and obesity, interest in dementia, including Alzheimer's, was also high. As the global population ages, pharma-biotech companies are actively taking on the challenge of overcoming dementia, a representative geriatric disease. ABL Bio, a developer of bispecific antibodies, hit the jackpot with its 'Grabody-B' shuttle platform technology, which increases blood-brain barrier (BBB) permeability, a key hurdle in developing treatments for central nervous system (CNS) diseases. With a $3.02 billion (4.1 trillion won) deal with GSK in April and a $2.562 billion (3.75 trillion won) deal with Eli Lilly in November, the company achieved nearly 8 trillion won in licensing deals this year alone.
In June, Aris Bio licensed out its oral Alzheimer's disease candidate AR1001 to Arcera, a pharmaceutical firm under the UAE sovereign wealth fund ADQ, for $600 million (820 billion won). They are currently conducting a global phase 3 clinical trial involving more than 1,500 people across 13 countries and are awaiting top-line result announcements in the first half of next year. Adel and Oscotec also achieved a breakthrough on the 16th by licensing out ADEL-Y01 to Sanofi for $1.04 billion (1.4992 trillion won).
A pharma-biotech industry official stated, "Even in a difficult industrial environment, we believe we have entered a 'golden time' for new drug development through significant achievements," adding, "We expect visible leaps forward within a few years."