Domestic pharmaceutical and biotech corporations, which have grown by focusing on the domestic market and technology exports, are taking on global new drug development. They are expanding the playing field by aiming to build a "full value chain" that directly carries out the entire process from candidate discovery and license-out (technology transfer) to global clinical trials and commercialization. We shed light on the development strategies and prospects of corporations betting on global new drug development. [Editor's note]
Alzheimer's dementia, the disease that robs memory, is a formidable illness. In 2021, Japan's Eisai and U.S.-based Biogen jointly developed Aduhelm, which received U.S. Food and Drug Administration (FDA) approval as the world's first treatment to slow the progression of Alzheimer's disease, but it was pulled from the market after controversy over its efficacy.
Since then, Leqembi (approved in 2023), developed by Eisai and Biogen, and Kisunla (approved in 2024), developed by Eli Lilly and Company, have split the Alzheimer's dementia treatment market. However, due to their mechanisms and side effects, the patients who can use these therapies are very limited.
Korea's corporations are taking on this untapped field, including Aribio. Founded in 2010, the company has put its chips on AR1001, which has a mechanism different from existing Alzheimer's disease treatments, to go the distance through development and approval.
On the 24th in Pangyo, Seongnam, Gyeonggi Province, in an interview with ChosunBiz, Aribio CEO Jeong Jae-jun said, "In anticancer drugs or obesity treatments, the playing field is already tilted, but in Alzheimer's, even giant global pharmaceutical corporations have not conquered the field, so the playing field looked level," adding, "That's why I thought it was worth a try."
Jeong is a scientist and manager who earned a Doctor of Science in physiology and biochemistry from the University of Glasgow and served as president of the Korean Scientists and Engineers Association in the UK.
◇ "AR1001 slows cognitive decline through combined actions"
Many asked Jeong, "Why Alzheimer's of all things?" and "Why choose a different mechanism?" But his contrarian approach became the starting point that increased the odds of new drug development.
AR1001 was originally a PDE5 inhibitor compound that SK Chemicals sought to develop as a treatment for erectile dysfunction.
Jeong, who had been collaborating with SK Chemicals on research and development (R&D), heard from a U.S. scholar a hypothesis that a PDE5 inhibitor could help improve cognitive function, changing the fate of this compound. PDE5 is an enzyme that breaks down a signaling molecule that relaxes blood vessels; inhibiting it dilates vessels and improves blood flow.
In animal studies conducted to gauge the potential for developing a dementia treatment, Jeong confirmed AR1001's efficacy and, in 2011, brought in the compound and pushed ahead with full-scale development.
Regarding AR1001, Jeong said, "It belongs to the same class as a PDE5 inhibitor, but we redesigned it to optimize direct protection of brain cells and the clearance of toxic proteins." He added, "In experimental data, AR1001's efficacy in improving cognitive function in the brain and expanding cerebral blood flow is more than 10 times stronger than other PDE5 inhibitors."
Leqembi and Kisunla on the market are injectables that target only amyloid beta, one of the causes of Alzheimer's dementia.
AR1001 takes a different approach. It is being developed as an oral, once-daily treatment with a multi-target mechanism that addresses several causal pathways at once. Through PDE5 inhibitory action that dilates blood vessels, it improves cerebral blood flow, suppresses neuronal cell death, and even induces the removal of toxic proteins. Because the causes of dementia are multifactorial, there is a view that a multifaceted attack rather than a single target is necessary.
Despite market skepticism toward Aribio since the early days of development, AR1001 has already made significant strides. It is in the final stages of development with a global phase 3 clinical trial, the last clinical step before new drug approval. Among domestic corporations, Aribio is the only one to have directly advanced a dementia new drug into phase 3.
Jeong said, "The readout of the global phase 3, which is underway in 13 countries including the United States and Korea with about 1,500 patients, is within sight," adding, "The last patient's 12-month dosing is expected to end in late June." After data cleaning and statistical analysis, top-line data are expected to be announced around late September.
Jeong argued that only when more Korean corporations attempt to complete global phase 3 trials can Korea truly secure "new drug sovereignty." The concept is that corporations must be able to develop, manufacture, and supply medicines needed for treating their nationals without external dependence in order to secure national hegemony and rights in terms of global market competition and health security.
Jeong pointed out, "Technology exports are a very good way to eliminate risk early on, but from the moment we transfer the technology to a global pharmaceutical company, we can no longer control anything."
Jeong said, "Japan currently holds the lead in global dementia new drug R&D, thanks to Eisai's push." He added, "Eisai's failure to commercialize Aduhelm became important fertilizer for the subsequent success in developing Leqembi," emphasizing, "New drug development is an industry that learns through failure, and the experience of a long clinical relay itself becomes a great asset for the nation and industry."
Jeong said, "On the journey to develop AR1001, there were various proposals from large global corporations," adding, "But we believe in the significance of a Korean corporation's development challenge and the value of the drug, and we intend to see it through."
◇ What is the big picture behind Solux's acquisition of CHA Vaccine Research Institute?
Recently, Solux, Aribio's largest shareholder, announced it would acquire management control of CHA Vaccine Research Institute under CHA Bio Group, drawing strong market interest about the background.
Solux, an LED lighting corporation, invested about 30 billion won in 2023 to secure a stake in Aribio and became the largest shareholder. It is now pursuing a merger with Aribio.
Amid this, on the 19th, Solux disclosed it would acquire 14.7% equity of CHA Vaccine Research Institute under CHA Bio Group for 15.34 billion won. Solux said, "Through acquiring management control, we will enter new businesses and secure financial soundness by improving profitability."
On this, Jeong said, "Solux's announcement to acquire management control of CHA Vaccine Research Institute also aligns with Aribio's mid- to long-term strategy for developing dementia treatments."
In particular, Jeong said, "In future Alzheimer's treatments, 'inflammation' and 'immunity' will be the key topics," adding, "An approach using CHA Vaccine Research Institute's proprietary immune-boosting platform (L-pampo) technology could become one of our strategies for developing dementia treatments." Indeed, in recent international academia, vaccine adjuvant technologies are drawing attention as an excellent foundational technology for eliminating neuroinflammation and boosting immunity.
That day, Jeong said, "My mother also battled Lewy body dementia and recently passed away." He added, "Dementia is called a sad disease, not a painful one. The sorrow and suffering that patients' families endure are indescribable."
Aribio's name, Ari, is a Korean word that means understanding pain, achieving healing, and creating hope. Jeong said, "Like the Pyeongchang Winter Olympics cheer 'Ari-ari,' it carries the resolve to take a detour if the path is blocked and to find a way if there is none," adding, "My mission is to ensure K-bio is not undervalued on the global stage and to prove it with results."
Jeong's vision for dementia treatment goes a step further. He said, "The destruction of brain cells begins 15 to 20 years before dementia symptoms appear," adding, "Aribio's future and ultimate goal is to pioneer a preventive treatment market that can block dementia at its source with a pill or vaccine taken between ages 55 and 60, right before retirement."
References
Lancet Neurology (2026), DOI: https://doi.org/10.1016/S1474-4422(25)00455-7
Cell (2025), DOI: https://doi.org/10.1016/j.cell.2025.11.007
Nature Medicine (2024), DOI: https://doi.org/10.1038/s41591-024-03201-5