In the global pharmaceutical and biotech industry, the Antibody-Drug Conjugate (ADC) market is emerging as a new battleground. As this next-generation therapy technology, dubbed the "guided missile for cancer cells," proves superior efficacy across multiple cancers, global drugmakers are pursuing large-scale mergers and acquisitions (M&A) for companies with technological competitiveness. Domestic corporations are also entering the market in earnest, backed by proprietary platform technologies.
ADC is a next-generation anticancer therapy that minimizes damage to normal cells. The core of the technology is the "antibody" that seeks out cancer cells, the "drug (payload)" that kills them, and the "linker" that connects the two. When the antibody binds to an antigen protein on the surface of a cancer cell, it can deliver the drug for a precise strike.
The world's first ADC drug was Pfizer's leukemia treatment "Mylotarg," which received U.S. Food and Drug Administration (FDA) approval in 2000 but has since been withdrawn from the market due to toxicity issues. Pfizer later co-developed the lymphoma treatment "Adcetris" with Japan's Takeda, and more than 20 ADC therapies spanning hematologic and solid cancers have followed, including Roche's breast cancer treatment "Kadcyla" and Gilead's "Trodelvy."
ADC sent shock waves through the global pharmaceutical and biotech industries around the time of the 2022 American Society of Clinical Oncology (ASCO) meeting. When results from a phase 3 trial of the ADC drug "Enhertu," co-developed by AstraZeneca (AZ) and Japan's Daiichi Sankyo, were announced, attendees gave a standing ovation. The median progression-free survival (mPFS), which indicates halted cancer progression, was 10.1 months, nearly double that of the control group (5.4 months). In Apr. last year, Enhertu won FDA approval as a treatment for all solid tumors, fueling the ADC boom.
Since then, competition among global drugmakers to secure ADC pipelines has exploded. Pfizer acquired U.S. ADC specialty corporations Seegene for 60 trillion won, and U.S. Merck (MSD) licensed three Daiichi Sankyo ADC therapies for a total of 30 trillion won. U.S. AbbVie acquired ImmunoGen for 14 trillion won and began developing an ovarian cancer therapy, while Takeda signed a 16 trillion won co-development deal with China's Innovent. According to the Korea Biotechnology Industry Organization, last year's global ADC-related M&A and partnership volume reached about $100 billion (140 trillion won in Hanwha terms).
In Korea, LigaChem Biosciences, ABL Bio, Alteogen, and IntoCell have entered the global stage with proprietary ADC technologies. Samsung Bioepis and Celltrion, leading corporations in biosimilars (biosimilar), have also moved into ADC drug development.
LigaChem Biosciences, leveraging original linker and payload technologies, has signed technology export deals totaling nearly 10 trillion won with companies including Janssen and Amgen in the United States. Alteogen is drawing attention with a technology that uses human hyaluronidase to convert conventional intravenous (IV) ADCs into subcutaneous (SC) formulations. IntoCell is also pursuing joint development with Samsung Bioepis, Y-Biologics, and others through its linker and payload platform technology.
ABL Bio is seeking differentiation with a bispecific antibody ADC platform. While conventional ADCs include one antibody, bispecific ADCs have two antibodies and thus recognize two targets simultaneously. Binding affinity to cancer cells doubles, increasing attack potency and reducing resistance issues.
ABL Bio is preparing phase 1 clinical trials in the United States for the bispecific ADC molecules "ABL206" and "ABL209" through its U.S. subsidiary NeokBio. It plans to submit investigational new drug (IND) applications to the FDA for phase 1 by the end of this year and early next year, respectively.
In addition, the company has developed "Grabody," a technology that penetrates the blood-brain barrier (BBB) that had blocked drugs in the brain, and is securing a stable revenue structure through technology transfer and partnership agreements with domestic and overseas companies. In particular, it proved its competitiveness by signing a 4 trillion won technology transfer deal with GSK plc in Apr.
Chief Executive Lee Sang-hun, who oversaw the bio division at Hanwha Chemical, founded ABL Bio in early 2016 with Senior Researcher Yu Won-gyu and Strategy Executive Director Lee Jae-cheon, who had worked together. Executive Vice President Yu Won-gyu now oversees research and development (R&D) at ABL Bio, including the bispecific ADC and BBB platforms.
Executive Vice President Yu will speak at the Healthcare Innovation Forum 2025 (HIF 2025) on Nov. 6 at the Westin Josun Seoul in Jung District, Seoul. HIF is co-hosted by ChosunBiz, the economic media outlet of the Chosun Media Group, and the Korea Health Industry Development Institute (KHIDI), with support from the Ministry of Health and Welfare. The theme of this year's event is "AI and advanced regeneration, crossing the boundaries of healthcare." On the day, Executive Vice President Yu Won-gyu will present the latest research trends and vision for ADC under the theme "Trends and strategies in next-generation Antibody-Drug Conjugate development."
Event overview
△Event name: Healthcare Innovation Forum 2025
△Date and time: Nov. 6, 2025 (Thu.) 9:00 a.m.–4:20 p.m.
△Venue: Westin Josun Seoul, Sogong-dong, Grand Ballroom
△Theme: AI and advanced regeneration, crossing the boundaries of healthcare
△Hosted by: Korea Health Industry Development Institute (KHIDI), ChosunBiz
△Supported by: Ministry of Health and Welfare
△Registration and fees: https://e.chosunbiz.com
△Applications and inquiries: 02-724-6157, event@chosunbiz.com