On the 1st, KOSDAQ marked the 30th anniversary of its launch. KOSDAQ, which began on July 1, 1996, has served as a growth ladder for Korea's pharmaceutical and biotech industries over the past 30 years. In particular, the technology exception listing system, which targets early-stage innovative technology corporations that cannot generate immediate profits, has become a pathway for biotech and medical technology corporations to enter the capital market.
Now, 30 years on, the K-bio and medical device industries and the KOSDAQ market are at a new inflection point. ABL Bio, Alteogen, and LigaChem Biosciences—major corporations listed on KOSDAQ via the technology exception—are proving their technological competitiveness by achieving trillion-won-level technology exports and commercialization results in the global market.
At the KOSDAQ 30th anniversary event, "KOSDAQ Connect 2026," held from the 1st to the 3rd, biotech corporations recognized for their technological prowess—including Alteogen, ABL Bio, Oscotec, Onconic Therapeutics, PharmaResearch, CLASSYS, Aimed Bio, Orum Therapeutics, Rznomics, Curocell, Next Biomedical, Livsmed, and Ensol Biosciences—will participate in large numbers to meet with institutional investors.
This illustrates the status the pharmaceutical and biotech industries hold in the KOSDAQ market. At the same time, however, biotech corporations are facing the reality of stricter listing maintenance standards and weakened investor sentiment. The market that supported the growth of the biotech industry is now being described as shifting into one that demands "results and trust."
◇ Built on KOSDAQ's growth platform, technology exports expand
According to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA), in the first half of this year there were eight disclosed technology export deals totaling $8.6675 billion (about 13.45 trillion won). The figure has already surpassed half of last year's annual technology export total, and expectations are building for record highs for a second consecutive year.
The largest deal was signed by Aribio. By transferring the global exclusive rights to the oral Alzheimer's treatment "AR1001" to China's Fosun Pharma, it sealed a deal worth $4.7 billion (about 7 trillion won). It is the largest technology export in the history of Korea's pharmaceutical and biotech industries.
Alteogen leveraged its human hyaluronidase platform "ALT-B4" to transfer technology successively to a GSK affiliate and Biogen. Curacle and Oscotec also signed trillion-won-level contracts, proving their competitiveness in the global market.
Hanmi Pharmaceutical, a KOSPI-listed company, exported technology for its GLP-2–based new drug "Sonepeglutide" to Eli Lilly and Company in the United States. The deal totals up to $1.26 billion (1.952 trillion won), including a $75 million (about 116 billion won) upfront payment.
Industry observers also say recent technology exports differ in quality from the past. Moving beyond early-stage contracts, there are more deals for clinical-stage drugs and global licensing rights, and the size of upfront payments has grown compared with before.
◇ Technology recognized, but the stock market "overlooks"
By contrast, the market's assessment was somewhat mixed. While the stock rally centered on artificial intelligence (AI) and semiconductors continued in the first half of this year, pharmaceutical and biotech stocks were left out. According to the Korea Exchange (KRX), the KRX Healthcare Index fell 13.7% in the first half from the start of the year.
The market analyzed that investor funds concentrated in large-cap semiconductor and AI names, and that the high interest rate environment dampened sentiment toward growth stocks focused on research and development (R&D). It was also pointed out that accounting and disclosure controversies at some corporations damaged confidence in the sector.
A source at a pharmaceutical corporation said, "Beyond external factors like war and interest rates, issues at some individual corporations have led to a broader erosion of trust in the biotech sector, slowing the recovery of investor sentiment."
Kim Seon-a, an analyst at Hana Securities, said, "Given that the domestic biotech sector shows high correlation with U.S. interest rates and with the U.S. pharmaceutical and biotech market trend, if weak earnings persist, valuation recovery could be limited," adding, "for a rebound in pharmaceutical and biotech share prices, proving growth through technology transfer is essential."
That said, a climate is also taking hold in which not only technology exports but also clinical data, milestone receipts, and commercialization potential are evaluated comprehensively.
Lee Seung-gyu, vice chair of the Korea Bio Association, said, "In the past, a paper in an international journal like Nature Medicine could send a stock limit up, and technology exports themselves were sometimes taken as success in new drug development," adding, "now, technology transfer is only one step in the new drug development process, and there is growing emphasis on a sustainable business structure that carries through to clinical trials and commercialization."
Analyst Heo Hye-min at Kiwoom Securities assessed, "K-bio has now fully shifted from 'an era of climbing on narrative while sustaining dreams' to 'an era of proving with data.'"
◇ Tighter vetting: is a shakeout beginning?
From this month, KOSDAQ listing maintenance requirements have also been strengthened. The market capitalization threshold has been raised from 15 billion won to 20 billion won, and new criteria for designating stocks under 1,000 won as those under surveillance and for delisting have been introduced. Full capital impairment on a semiannual basis is also included as a trigger for delisting review.
The financial authorities also prepared safeguards to prevent cases of circumventing delisting standards through reverse stock splits and similar measures. The intent of this reform is to quickly remove so-called "zombie corporations" that have long relied on financing without producing results.
In the initial public offering (IPO) market, the selective stance is also becoming clearer. In the first half of this year, six bio and healthcare corporations listed via the technology exception, the same as last year, but the average preliminary review period for listing was shortened significantly to 75.7 business days.
A faster review does not mean a lower bar. Some corporations voluntarily withdrew at the preliminary review stage, and even among those that listed, corporations went through verification by the financial authorities on business feasibility, risk factors, and valuation, correcting their securities registration statements an average of 2.5 times.
In addition, the financial authorities are pushing to introduce a promotion-relegation segment system that classifies KOSDAQ-listed companies into premium, standard, and watch groups.
The industry voices both expectations and concerns. Given that new drug development typically takes several years to more than a decade, the industry argues that its structural tendency toward losses must be considered. Still, there are expectations that clearing out underperforming corporations will, in the long run, help raise trust across the biotech industry.
Vice Chair Lee Seung-gyu emphasized, "It is necessary to strengthen listing maintenance requirements to enhance market transparency," while adding, "at the same time, an environment must be created in which innovative technologies can take on challenges." He said, "Items like loss carryforwards or the sales requirements for corporations listed via the technology exception should be proactively reviewed to reflect the characteristics of the biotech industry."
Industry observers also note that simply raising the listing bar is not enough to restore market trust; post-listing oversight of corporations and maturation of the investment culture must also take place together.
An investment industry source who requested anonymity said, "It is necessary to strengthen targeted oversight of some corporations that, after listing during a period of low IPO thresholds, have fueled disclosure controversies."
Analyst Heo Hye-min pointed out, "While the domestic biotech investment market is maturing, 'meme stocks' that surge on flows and narratives without data verification coexist, so investors need to be cautious."
He said, "K-bio is currently in the process of turning into a higher-trust market by accelerating the exit of underperforming corporations and strengthening disclosure and accounting discipline," adding, "as the analytical capabilities of professional private equity and biotech-specialized institutions improve, stocks that rise only on baseless expectations will wobble more often, and the lifespan of 'meme stocks' is likely to be short."