Attention is focusing on the background as GC Biopharma decided to transfer its prime subsidiary GC Wellbeing, whose results are surging thanks to distributing the obesity drug "Mounjaro," to its holding company GC Holdings.
GC Wellbeing is a powerhouse in the nutritional injection market and is reaping sizable benefits from the "shortage phenomenon" after taking on distribution of Eli Lilly and Company's obesity drug Mounjaro, which entered the domestic market in Aug. last year. Its cash generation is strong, with the first-quarter sales increase alone estimated in the 10 billion won range.
As of the 2025 business report, GC Biopharma holds 22.08% equity in GC Wellbeing, and GC Holdings holds 12.39%. GC Biopharma said at the end of last month that it would transfer its entire GC Wellbeing equity to GC Holdings for about 50.5 billion won. It plans to focus the proceeds on developing a subcutaneous injection formulation of its flagship product "Aligurol."
Mounjaro is a drug that mimics the glucagon-like peptide (GLP)-1 hormone secreted in the small intestine after meals. It was originally developed as a diabetes treatment, but as its effect of inducing satiety and reducing body weight was confirmed, it evolved into an obesity treatment. Wegovy by Danish drugmaker Novo Nordisk works on the same principle.
However, in the case of Wegovy, Novo Nordisk and Chong Kun Dang pharmaceutical have a co-promotion agreement and distribute it under that structure. Mounjaro is not under a contract between Korea Lilly and GC Biopharma. When Korea Lilly supplies Mounjaro to its accounts, GC Wellbeing distributes Mounjaro to medical institutions in the middle through certain wholesalers.
Behind the spin-off of this prime subsidiary is "Aligurol." Aligurol, which obtained U.S. Food and Drug Administration (FDA) approval at the end of 2023, posted 150 billion won in sales last year in the United States alone and has emerged as a new growth driver for GC Biopharma. GC Biopharma plans to concentrate the proceeds from this sale on developing a "subcutaneous injection (SC) formulation" of Aligurol.
Aligurol is a blood product (immunoglobulin) that treats immunodeficiency. Blood products are pharmaceuticals made by separating various proteins in plasma by component.
Aligurol is currently an intravenous injection formulation. GC Biopharma plans to develop it as a subcutaneous injection. Subcutaneous injections have the advantage of convenience because patients can administer them on their own without visiting a hospital. Administration time is also short. Prices are generally higher than for intravenous injections, which helps profitability.
The subcutaneous Aligurol aims to enter phase 3 clinical trials next year and, absent issues with the results, file with the U.S. FDA in 2031. The strategy is to cultivate the market initially with the intravenous injection and then induce patients to switch to the more convenient subcutaneous injection, targeting a "lock-in effect."
The market is assessing GC Biopharma's decision positively. Through GC Wellbeing, GC Holdings will strengthen its aesthetics and overseas network businesses, while GC Biopharma will focus on developing core prescription drugs, clarifying a "two-track" strategy.
According to FnGuide, GC Biopharma's first-quarter operating profit forecast for this year is 12.2 billion won, up 53% from a year earlier. After posting 1.9913 trillion won in sales last year and approaching the "2 trillion club," the industry is watching to see whether GC Biopharma, betting on its core blood products business, will surpass the pharmaceutical industry's dream threshold.