[Edaily Reporter Kwon Oh-seok] IBK Investment & Securities analyzed that expectations are growing for a revaluation of #Curacle’s pipeline value, based on the large-scale technology transfer of its retinal disease treatment candidate ‘MT-103’. However, the firm did not provide an investment opinion or target price.

IBK Investment & Securities analyst Jeong Yi-su stated, "On May 11, the company signed a technology transfer agreement with U.S.-based Memento Medicines for the retinal disease treatment candidate MT-103, valued at up to 1.6 trillion won. "This is significant because the company achieved this result based on preclinical data despite the pipeline being in the early stages," he said, adding, "Since Memento established a new company (NewCo) specifically for the development of MT-103, the development priority is expected to remain high."
He noted, “Retinal diseases are typically represented by wet age-related macular degeneration and diabetic macular edema, and Eylea, a VEGF (vascular endothelial growth factor) inhibitor, has established itself as a major treatment. Eylea recorded peak sales of $10.2 billion in 2022, and Roche’s Bavismo, a bispecific antibody that simultaneously inhibits VEGF and Ang-2, is projected to reach $4.9 billion in sales by 2025, just three years after its launch,” he explained, noting, “This demonstrates that retinal disease treatments with differentiated mechanisms of action can grow into blockbusters in a short period.”
Researcher Jung elaborated, “As there are patients who are resistant or unresponsive to existing treatments, demand for next-generation therapies based on novel mechanisms is expected to grow. MT-103 is a next-generation bispecific antibody that simultaneously inhibits VEGF, blocks the Ang-2-Tie2 binding, and activates Tie2. In preclinical studies, it demonstrated a reduction in vascular leakage through a comprehensive vascular stabilization mechanism compared to Eylea and Bavismo.”
He added, “Although limited information regarding Memento has created uncertainty since the contract was signed, the disclosure of participating investors in the future could enhance confidence in MT-103’s development capabilities and lead to a revaluation of the pipeline’s value. Furthermore, given the potential for new contracts regarding the kidney disease treatment MT-101 and the diabetic nephropathy treatment CU01, it is important to pay attention to the momentum that may follow.”