Aimed Bio secures KRW 3 trillion in preclinical ADC assets via L/O and launches in-house ADC clinical programs via IPO

[by Ji, Yong Jun] Aimed Bio, which has out-licensed its three-product antibody-drug conjugate (ADC) pipeline valued at roughly KRW 3 trillion (approximately USD 2 billion), is now preparing for a KOSDAQ listing. The company has obtained technology license agreements for all three ADC candidates at the preclinical stage, underscoring the strength of its technological capabilities. Moving beyond a strategy centered solely on licensing, Aimed Bio intends to advance these assets into clinical trials using its existing capital reserve as well as approximately KRW 160 billion in cash equivalents to be secured through an initial public offering (IPO).

Aimed Bio conducted its IPO press briefing on the morning of November 18 at KLI 63 Building in Yeouido, Seoul, where the company outlined its competitive advantages in ADC development, key pipelines, and growth strategy.

"We have achieved an almost 100% success rate in technology transfer and have consistently maintained highly efficient financial management. Through these achievements, we are demonstrating that Aimed Bio represents an entirely new category of biotechnology company, one distinguished by a unique R&D framework and financial strategy that is rarely seen in the industry," said Her Nam-gu, CEO of Aimed Bio.

Aimed Bio is a drug development company specializing in ADCs, founded by Professor Nam Do-hyun (currently serving as Chairman of the Board and Chief Technology Officer (CTO)) at Samsung Medical Center. The company was launched in 2018 as a spinoff from Samsung Medical Center. The Samsung Life Science Fund, which focuses on investments in next-generation biotechnology, selected Aimed Bio as its 2023 investment recipient. Among the nine promising global biotech companies, Aimed Bio is the sole Korean representative.

Aimed Bio's business model is centered on identifying competitive ADC candidates, generating high-quality preclinical data packages, and subsequently securing global licensing agreements. This strategic focus reflects recent shifts in the global ADC market, in which licensing structures have increasingly prioritized individual assets, resulting in substantially higher asset valuations. According to the company, the average upfront payment for platform-based licensing agreements is approximately USD 10 million, whereas asset-based deals command an average upfront of USD 112 million, roughly a tenfold increase.

"A defining feature of the global ADC licensing landscape is that individuals assets are valued far more highly than platforms. Accordingly, our company is concentrating on the development of finished products, namely, asset-level candidates, rather than platform technologies," Her remarked.

Aimed Bio has entered into technology licensing agreements for three of its assets with Korean and international pharmaceutical companies. Its major partners include Biohaven, SK Plasma, and Boehringer Ingelheim. In 2024, the company finalized a KRW 1.4 trillion (approximately USD 1.2 billion) L/O agreement with Biohaven in the U.S., followed by an agreement for AMB302 with SK Plasma. Most recently, in October, Aimed Bio concluded another KRW 1.4 trillion L/O deal with Boehringer Ingelheim.

Notably, Aimed Bio secured all of its large-scale L/O agreements for ADC assets at the preclinical stage. "This was made possible by the strength of our preclinical data package," Her noted.

Aimed Bio's core technological strength lies in its ‘P-ADC’ platform, an ADC development system that integrates patient-derived cells and models (PDC, PDX), patient-level clinical data, and hospital-based research infrastructure. As a spinoff from Samsung Medical Center, the company is uniquely positioned to utilize real-world big data from cancer patients to identify and validate differentiated therapeutic targets. Her underscored this advantage, stating, "By leveraging validated targets, we can increase the success rate of ADC development."

At present, Aimed Bio is collaborating with Samsung Biologics as a co-development partner in the ADC Toolbox program, leveraging its self-developed payloads, ‘AMB401’ and ‘AMB402.’

Based on these achievements, Aimed Bio successfully achieved an operating profit in H2 2024 and continued to report positive operating results in H1 2025. Notably, as of the end of Q3, more than KRW 85 billion of the company’s total assets (approximately KRW 92 billion) were current assets. The company also announced its intention to allocate the capital raised through the IPO toward independently advancing its ADC assets into the clinical development stage. Aimed Bio's principal asset is a bispecific antibody-based ADC.

"Through this KOSDAQ listing, we intend to move beyond our earlier growth phase centered on technology transfer, strengthen our in-house clinical development capabilities, and leap forward as a competitive new drug development company in the global market. Moving forward, we will establish a stable and sustainable revenue model built on continuous technology transfer and long-term royalty income," Her said.

In parallel, Aimed Bio plans to issue a total of 6.43 million shares as part of the IPO. The offering price range has been set at KRW 9,000 to KRW 11,000, corresponding to an anticipated post-listing market capitalization of between KRW 577.4 billion and KRW 705.7 billion. The company is expected to be listed in December, with Mirae Asset Securities serving as the lead underwriter.