[Edaily Reporter YU JIN-HEE ] Ingenia Therapeutics (Ingenia), an innovative antibody drug development company headquartered in Boston, U.S., has passed the Korea Exchange’s preliminary review for a KOSDAQ listing and is now moving full steam ahead with its initial public offering (IPO) in the second half of the year. Amid macroeconomic uncertainty and a concentration of supply and demand in the semiconductor sector—which had caused biotech stocks to lose ground—all eyes are now on whether these stocks can stage a comeback, starting with Ingenia, which is expected to be a major promising stock in the second half of the year.

A Star-Studded Global Dream Team and the Quest for a Valuation in the 700 Billion Won Range

According to investment banking (IB) industry sources on the 30th, Ingenia will launch its public offering next month to list on KOSDAQ. The offering will consist entirely of new shares, and lead underwriter Samsung Securities will act as the underwriter, assuming full responsibility for any unsold shares.

Ingenia previously received the highest “A” rating in technology evaluations conducted by two designated specialized evaluation agencies (iCredible and NICE Rating) and has also passed the preliminary listing review. Ingenia’s KOSDAQ listing is expected to breathe new life into the domestic biotech IPO market, which has been stagnant recently. This is because the company is taking a path that is completely distinct from that of existing overseas startups, having been verified in terms of profitability, technological capability, and the trustworthiness of its management.

The primary reason Ingenia enjoys such strong trust in the capital markets is its proactively demonstrated ability to generate cash. While the majority of biotech ventures have sought listings relying solely on the uncertain value of future prospects, Ingenia secured a large-scale technology transfer agreement in 2022 for its flagship pipeline candidate, “IGT-427,” with a total contract value exceeding 1 trillion won.

Through this agreement, the company realized cumulative revenue of $38.37 million (approximately 56 billion won) by the end of last year in the form of non-refundable upfront payments and milestone payments (stage-based royalties). Unusually for a biotech venture, it achieved its first profit since its founding in 2024, thereby clearly demonstrating its commercial value to the market.

In its securities registration statement filed on the 10th, Ingenia proposed a target public offering price range of 12,000 to 14,500 won per share. Based on this, the company’s estimated post-listing valuation ranges from a minimum of 593.2 billion won to a maximum of 716.8 billion won. If the bookbuilding process is successful, it is seen as a signal that could drive up valuations across the domestic biotech sector. In particular, expectations are running high in both academic and industry circles, as this IPO is seen as the first in a series to set a successful benchmark for Korean-founded biotech companies operating overseas—such as Pine Tree Therapeutics and Breeze Bio—that are planning to list on KOSDAQ in the future.

Securing a Talent Pool Commensurate with Its Achievements... Boosting Confidence

Ingenia has assembled a talent pool that is rare both domestically and internationally, one that is truly impressive and commensurate with its achievements. Founder and CEO Han Sang-yeol holds a Ph.D. in Molecular Biology from Seoul National University and is an antibody engineering expert who has worked at the Samsung Advanced Institute of Technology, the Institute for Basic Science (IBS), and Harvard Medical School. In addition, Dr. Yoo Jin-sam, who spent over 10 years at the global pharmaceutical and biotech company Eli Lilly leading dozens of global clinical trials, has joined as Chief Development Officer (CDO).

Furthermore, Dr. Stephan Verassi, who spent 17 years specializing in new drug discovery at another global pharmaceutical and biotech company, Pfizer, serves as Vice President of Research, spearheading technology development. A world-class Scientific Advisory Board (SAB), composed of faculty members from Harvard Medical School and the Department of Nephrology at Seoul National University Hospital, also provides robust support for the reliability of Ingenia’s clinical data.

An Ingenia official stated, “This KOSDAQ listing is the result of the fusion of excellent core technology originating in Korea and the advanced new drug development infrastructure in Boston, USA,” adding, “We will focus the approximately 60 billion won raised through the listing on accelerating global clinical trials for our follow-up pipeline, including treatments for chronic kidney disease, and on developing standard-of-care therapies recognized by the global medical community.”