[Edaily Reporter YU JIN-HEE ] Ingenia Therapeutics (Ingenia), an innovative antibody drug developer set to list on KOSDAQ, has brought a treatment for chronic kidney disease (CKD) to the negotiating table with a global big pharma company for a technology export (L/O) deal, following its ophthalmic disease treatment. After confirming the potential for success in Phase 3 clinical trials for “IGT-427,” an ophthalmic drug licensed to U.S.-based Merck (MSD) for 1 trillion won, the company is now pursuing major deals with multiple “Merck-level” global pharmaceutical companies in the field of kidney disease as well.

‘IGT-303’ Negotiations with Global Big Pharma Underway... Valuation More Than Doubles Through Technology Transfer ‘After Phase 1/2’

According to the pharmaceutical and biotech industry on the 29th, Ingenia has begun discussions on a technology export (L/O) deal with multiple Merck-level global Big Pharma companies for “IGT-303,” a treatment for chronic kidney disease. This pipeline is currently undergoing Phase 1/2a clinical trials in Australia, New Zealand, and South Korea.

Previously, in 2022, Ingenia transferred the rights to “IGT-427,” its ophthalmic disease pipeline, to the UK-based EyeBio at the preclinical stage for over 1 trillion won. Subsequently, MSD acquired EyeBio for $3 billion (approximately 4.365 trillion won), and IGT-427 entered global Phase 3 clinical trials.

Industry observers expect the value of this technology export for IGT-303 to significantly exceed that of its predecessor, IGT-427. This is because, while IGT-427 was valued at 1 trillion won during the preclinical stage, negotiations for IGT-303 are proceeding based on precise clinical data obtained during its Phase 1/2a trials. It is estimated that once the value is reassessed following entry into the clinical phase, the valuation could reach more than double that of the previous deal.

Given that global technology export negotiations typically take between six months and one year, the outcome of this major deal is expected to be announced as early as the first half of next year. If this agreement is successfully concluded, it will provide momentum for a series of subsequent technology exports involving other pipeline candidates, such as a glaucoma treatment (IGT-302), a solid tumor treatment (IGT-532), and a pulmonary arterial hypertension treatment (IGT-627).

The high value of IGT-303 stems from the company’s proprietary core platform technology, which MSD is currently validating through Phase 3 clinical trials. IGT-303 is based on the “TIE-body” antibody, a technology for the “direct activation of the TIE2 receptor”—a challenge that global pharmaceutical companies have been unable to solve for decades.

Existing standard therapies—such as blood pressure medications, blood glucose control agents, mineralocorticoid receptor (MR) inhibitors, and glucagon-like peptide-1 (GLP-1R) agonists—have only partially delayed the progression of kidney damage. Their effectiveness in reducing proteinuria has also remained at around 30% on average.

In contrast, IGT-303 directly activates the TIE2 receptor in the renal glomeruli to repair and stabilize damaged microvascular structures. By inducing receptor clustering without the influence of ligands, it normalizes the vascular endothelial cell layer and fundamentally reduces proteinuria. In preclinical trials on primates, IGT-303 demonstrated a proteinuria reduction of up to 58%, significantly outperforming existing treatments.

In terms of market potential, IGT-303 also far surpasses IGT-427. According to global market research firm Fortune Business Insights, the global market for chronic kidney disease treatments is expected to reach approximately $33.62 billion (about 46.5 trillion won) this year. It is projected to grow at an average annual rate of 9.17% through 2034, reaching $67.81 billion (approximately 93.78 trillion won). This market size is significantly larger than the combined market for the three eye diseases—wet age-related macular degeneration (NVAMD), diabetic macular edema (DME), and branch retinal vein occlusion (BRVO)—which are the primary indications for IGT-427 (projected at $19.8 billion, or approximately 27.38 trillion won, in 2029).

CEO Han Sang-yeol Establishes Optimal Global Partnerships by Indication

Han Sang-yeol, CEO of Ingenia, has carefully managed the licensing timeline for IGT-303 by learning from past experiences. To avoid repeating the regret of an early technology transfer of IGT-427 during the preclinical stage, Ingenia adopted a holding strategy for IGT-303 until sufficient Phase 1/2a clinical data had been secured.

Ophthalmology and nephrology are fields with completely different clinical practices and sales networks. Since MSD has demonstrated its technical capabilities by conducting a large-scale global Phase 3 clinical trial for IGT-427 in the ophthalmology sector, Ingenia plans to select the optimal big pharma partner specialized in the nephrology field for this area.

An Ingenia official stated, “Our microvascular restoration technology platform’s global competitiveness has been proven through MSD,” adding, “Following our IPO, we will demonstrate shareholder value through tangible clinical data and major global licensing agreements.”

Meanwhile, Ingenia, with a final offering price of 12,000 won, will conduct a public subscription on the 30th and 31st of this month and list on the KOSDAQ market next month.