Korea Pharma, Biotech Stocks Head for Event-Driven Second Half

South Korea’s pharmaceutical and biotechnology companies are heading into a second half packed with new-drug approval decisions, licensing talks and clinical-data releases. Investors are increasingly focused on whether companies that deliver tangible results will pull ahead of their peers.

The names drawing the most attention are HLB, Peptron and Kolon TissueGene. HLB faces a July 23 deadline for the US Food and Drug Administration’s review of Rivoceranib, its liver cancer drug candidate. The oncology candidate has been in development for years, and the approval process was extended after the FDA twice asked for additional materials.

For Peptron, the key question is whether its technology evaluation agreement with Eli Lilly for the obesity-treatment platform SmartDepot will be converted into a full contract in October. SmartDepot is Peptron’s long-acting drug-delivery platform and is designed to improve dosing convenience for obesity treatments. The technology has drawn interest from global drugmakers. Peptron disclosed that it signed a material transfer agreement with Eli Lilly on Oct. 7, 2024, and said the contract would run until the evaluation was completed, or about 14 months. In a revised filing in December 2025, the company added a clause allowing the term to be extended to as long as 24 months.

Kolon TissueGene will release key data this month from a US Phase 3 trial of TG-C, formerly Invossa, its cell and gene therapy for osteoarthritis. The therapy is the company’s core asset. Late-stage confirmation of efficacy and safety could trigger a reassessment of its value.

Voronoi, HanAll Biopharma, Orum Therapeutics and AprilBio are also due to report clinical updates. Voronoi is expected to present updated clinical data for VRN11, a treatment candidate for non-small cell lung cancer with EGFR mutations, at the World Conference on Lung Cancer in South Korea from Sept. 12 to Sept. 15. HanAll Biopharma is awaiting clinical results for IMVT-1402, an autoimmune-disease treatment being developed by partner Immunovant. Orum Therapeutics is drawing attention for clinical milestones tied to its degrader-antibody conjugate, or DAC, platform, which combines targeted protein degradation technology with antibody-drug conjugates. AprilBio is also awaiting clinical results for a candidate it licensed out. Lundbeck of Denmark plans to release key Phase 1b results in the second half for APB-A1, a treatment candidate for thyroid eye disease.

D&D Pharmatech, OliX Pharmaceuticals and HK inno.N are also attracting attention on prospects for major licensing deals. D&D Pharmatech is scheduled to receive a clinical study report in the third quarter for DD01, its treatment candidate for metabolic dysfunction-associated steatohepatitis, or MASH. The company reported meaningful biopsy data in May, raising expectations that it could secure a global licensing deal this year.

OliX is set to complete a Phase 1 trial and release results for OLX702A, its MASH treatment candidate. A move into Phase 2 would make the company eligible for a milestone payment from Eli Lilly. HK inno.N is also viewed as a potential candidate for a European licensing deal for K-CAB, its treatment for gastroesophageal reflux disease. “There is a view that the biotech sector has already entered bottom territory to a significant extent,” a bio-industry official said. “If major second-half events lead to concrete results, that could provide a catalyst for a rebound. If they fall short of expectations, the bottom-range market could last longer.”

Kim Yu-rim, Korea Economic Daily reporter youforest@hankyung.com