■ J-Labs Focuses on BioTech <1> IMBiologics

• Rapid growth with technology exports in just 4 years since its establishment
• Reinforcing its operations this year with a "Second Founding Spirit"
• IMB-106 candidate drug under full-scale development
• IPO push expected by the end of this year or Q1 next year
• High expectations from J-Labs’ 'global mentoring'

 [Seoul Economy]

J-Labs is a biotech accelerator program run by global pharmaceutical giant Johnson & Johnson (J&J). Since its founding in 2012, it has supported over 1,000 biotech and medical technology ventures worldwide, raising $109.4 billion (approximately 145 trillion KRW) in investment and helping 57 companies go public. Companies passing J-Labs' rigorous selection process receive services like laboratory rentals and preclinical/clinical research consulting.

Ha Kyung-sik, CEO of IM Biologics, posed for a photo at the entrance of the company headquarters in Gwanggyo, Suwon, on January 22. (Photo by Seong Hyeong-ju, Seoul Economy)

A biotech company has recently stunned the pharmaceutical and biotech industries by achieving a 1 trillion KRW “big deal” just four years after its establishment. The company is IMBiologics, which is developing antibody drugs using its bispecific antibody technology. In June of last year, IMBiologics licensed its autoimmune disease treatment drug 'IMB-101' to the US-based Navigator Medicine for 1.3 trillion KRW, the largest domestic deal of the first half of the year. Two months later, it also licensed its technology to China's Huadong Pharmaceutical for 4.309 trillion KRW.

Ha Kyung-sik, CEO of IMBiologics, refers to IMB-101 as his “child.” IMB-101 is a drug candidate co-developed with HK inno.N and Y BioLogics. Ha, who was the head of the bio division at CJ Healthcare (HK inno.N) during the process of reducing its antibody pipeline, founded IMBiologics and acquired the technology.

IMB-101 is a bispecific antibody that simultaneously activates OX40L, which activates immune cells, and inhibits TNF-α, which triggers inflammatory responses in the body. It is currently undergoing Phase 1 clinical trials in the US. Competing French pharmaceutical company Sanofi is developing a "nanobody" based on camel antibodies rather than bispecific antibodies, which experts say gives IM Biologics an edge in terms of efficacy and safety.

Ha defines this year as the “second founding year” of the company. He stated, “Having already licensed out IMB-101, the project that led to the founding of the company, I’m now aiming to secure future growth drivers by generating meaningful data from new projects as if this is my second startup.” He added, “The goal is to complete one technology export every year.” Ha is particularly hopeful about an unpublished substance, “IMB-106,” as the next big candidate for licensing out. He stated, “I expect it to become the best-in-class drug for autoimmune diseases. We plan to secure the substance by the first half of the year and conduct evaluations in the second half, with full development expected to begin next year.” Since it is a substance that could attract interest from global partners, licensing out is also a possibility.

The success of IMBiologics’ big deal is the result of Ha’s strategic decision-making. He explained, “Global big pharma was interested in our substances, but they wanted later-stage clinical trials. However, we faced practical limitations in terms of finances, making it difficult to carry out clinical trials on our own.” Realizing that achieving visible results with independent development was not feasible, Ha chose to license out the technology to Navigator Medicine, which could conduct the clinical trials to the stage that big pharma desired. Navigator Medicine, which focuses solely on the IMB-101 study, recently secured $100 million in funding from global venture capitalists, enabling it to proceed with clinical trials in a stable manner. Ha explained, “By quickly generating proof-of-concept (PoC) data, we plan to increase the chances of success for the drug through larger-scale licensing or M&A.”

Ha has high expectations for J-Labs’ program, particularly its global networking. He said, “Receiving mentoring from J&J, a potential demand-side company, helps us understand global trends.” He also expressed satisfaction with the practical assistance he is receiving, such as guidance on increasing the value of research projects and technology export consulting.

IMBiologics is now in its fifth year of operation. The company aims for an Initial Public Offering (IPO) by the end of this year or Q1 of next year, with plans to complete a technological evaluation in the first half of the year. Ha’s vision for the company in its 10th year is to become a biotech capable of launching a global new drug. He stated, “By the 10th year, I want IMBiologics to be at the level where it can launch a global new drug.”

By Lee Jung-min (mindmin@sedaily.com)
Photo by Seong Hyeong-ju (foru82@sedaily.com)