G2GBIO and CMG Pharmaceutical fell 12.94% and 11.39%, respectively. VUNO, which hit its daily upper limit the previous day, dropped 8.46% to 7,030 won. OliX Pharmaceuticals declined for a fourth session, although the company confirmed it had resubmitted its New Zealand trial application for OLX301A.
OliX Pharmaceuticals’ share price has trended downward since June 1 despite intermittent rebounds. On October 27, the stock closed the regular session at KRW 90,600, down 5.72% from the previous session. (Source: KG Zeroin’s MP Doctor)
◇OliX awaits ethics approval
OliX closed at 90,600 won, down 5.72%, according to KG Zeroin’s MP Doctor. The stock has lost 15.25% since Oct. 21.
“The application was rejected over administrative matters requiring additional documentation following the local ethics committee’s recommendations,” an OliX official said. “We recently completed the resubmission.”
OLX301A is an siRNA-based candidate for macular degeneration. Following a U.S. Phase 1 trial, OliX plans a Phase 2a study in patients with geographic atrophy, a condition involving progressive retinal tissue loss.
On Oct. 12, OliX disclosed that New Zealand’s ethics committee had rejected the application because its submissions did not meet local ethical and legal requirements. The company said the decision was separate from Medsafe’s regulatory review. OliX now awaits another ethics decision.
The company also awaits the clinical study report, or CSR, for OLX702A, its MASH and obesity candidate licensed to Eli Lilly and Co. The Australian multiple-dose Phase 1 trial completed its final patient visit in May.
“We expect the CSR by year-end, with no schedule changes at present,” the official said.
Interim findings disclosed earlier showed liver fat falling more than 70% in one participant. Some reached levels below 5% within one to two months. These were preliminary findings, not final topline results.
OliX must complete Phase 1, while Lilly handles subsequent development. Asked whether Lilly would decide on Phase 2 after receiving the CSR and whether plans included a tirzepatide combination, the official said decision timelines were confidential, adding: “We remain in continuous communication with Lilly.”
◇G2GBIO clarifies evaluation agreement
G2GBIO closed at 39,350 won, down 12.94%, following media coverage questioning its UBT agreement’s preliminary nature and the absence of a separate disclosure by UBT’s parent.
The agreement evaluates whether G2GBIO’s InnoLAMP platform can turn an undisclosed UBT candidate into a long-acting injectable.
“This is a preliminary verification stage for technology licensing,” G2GBIO said through its investor-relations channel. Successful results could lead to a subsequent agreement, but no licensing deal is guaranteed.
The company said disclosure decisions depend on local rules and internal policies. A partner’s silence did not undermine the collaboration’s substance, it said.
Separate partner announcements are not universal. Rznomics–Lilly and Orum Therapeutics–Vertex Pharmaceuticals licensing deals were announced by the Korean companies, without separately identified partner-issued releases. A major transaction for a Korean biotech may be relatively small for a global drugmaker.
Still, Peptron illustrates the risk. Its market value once reached 9 trillion won following a 2024 Lilly evaluation agreement, but fell to about 2.4 trillion won after the evaluation ended without a licensing deal this month.
“Each evaluation differs in technology, target molecule and conditions,” G2GBIO said. “Other companies’ past outcomes cannot determine ours.”
◇Hanmi Pharmaceutical rebounds after cancellation plan
Hanmi Pharmaceutical fell to 345,000 won after hours following its earnings release, before recovering to the previous day’s close after announcing a share cancellation.
Third-quarter revenue rose 4.2% to 377.4 billion won, but operating profit fell 31.3% to 37.8 billion won. Beijing Hanmi Pharmaceutical’s sales fell 15.8% and operating profit dropped 75.1% as tighter collection controls restricted shipments.
Hanmi Pharmaceutical suspended new business with affected distributors, strengthened internal controls and commissioned an external special audit.
The company will cancel 85,316 treasury shares, or 0.67% of outstanding shares, on Nov. 2. Their book value is about 28.3 billion won.
