Korean pharmaceutical and biotech companies are experiencing a rise in valuation as U.S. firms that licensed their technologies achieve major milestones such as Nasdaq IPOs and billion-dollar acquisitions. These developments are reinforcing global confidence in the technological strength and commercial potential of Korea’s biopharma sector.

According to industry sources on November 11, U.S. biotech firms partnered with Korean companies—including D&D Pharmatech, HanAll Biopharma, and AprilBio—have recently completed IPOs or entered M&A negotiations, prompting renewed recognition of the Korean firms that developed the original technologies.

Metsera, the U.S. partner of D&D Pharmatech, has become a prominent player in the obesity-drug field. After debuting on Nasdaq in January at 47% above its initial offering price, Metsera reached another milestone in November when Pfizer acquired it in a deal worth up to $10 billion.

D&D Pharmatech had previously licensed six obesity-drug candidates—including MET-GGo, an oral dual GLP-1/GIP receptor agonist—to Metsera in a $683 million deal. The portfolio also draws on D&D’s proprietary Oralink peptide-delivery platform.

Following acquisition bids from Pfizer and Novo Nordisk, D&D’s valuation has surged. Its share price jumped from $109.37 in mid-September to $191.31 as of November 11, underscoring its growing recognition as the originator of Metsera’s key technologies.

A similar pattern is seen with HanAll Biopharma and its U.S. partner Immunovant. Reports of potential M&A activity sent Immunovant and HanAll shares up 12.8% and 22.3%, respectively. Immunovant’s major shareholder, Roivant Sciences, has been cited as a possible acquirer after increasing its stake earlier this year.

Market observers link the acquisition interest to strong prospects for batoclimab (HL161), an autoimmune-disease antibody licensed by HanAll to Immunovant in 2017 under a $52.5 million agreement.

Daishin Securities noted that the outcome of Immunovant’s Phase 3 trial for thyroid eye disease will be pivotal in reassessing valuations of both companies. Regulatory approval could mark a turning point for HanAll, driving significant milestone and royalty income.

In June 2024, AprilBio licensed its autoimmune and inflammatory disease candidate APB-R3 (EVO301) to Evommune in a deal worth up to $475 million. On November 9, Evommune successfully debuted on the NYSE, closing 26% above its IPO price and reaching a $600 million market cap.

Evommune plans to use IPO proceeds to fund Phase 2 trials of APB-R3 and expand indications to chronic urticaria and ulcerative colitis. Favorable clinical outcomes could further boost AprilBio’s milestone earnings and global recognition of its SAFA (Serum Albumin-Fragment Association) platform. The company’s stock has nearly doubled over the past nine months.

These cases mark a new phase in Korea’s biotech globalization:

technology export → U.S. partner IPO/M&A → capital inflow and clinical acceleration → revaluation of Korean innovation.

The success of U.S. partners not only validates Korean R&D capabilities but also strengthens international trust in their technologies. Industry experts predict this momentum will support more favorable licensing deals and expand Korea’s influence in the global biopharmaceutical landscape.