[Edaily Reporter Kwon Oh Seok ] IBK Investment & Securities announced on the 12th that it has initiated coverage of OSCOTEC Inc.(039200), assigning a “Buy” rating and setting a target price of 67,000 won.

IBK Investment & Securities analyst Jeong Yi-su stated, “Among domestic biotech companies, it is rare to find one that receives quarterly royalties linked to global sales of new drugs. Lazertinib, a lung cancer treatment discovered by OSCOTEC Inc., was transferred to the global pharmaceutical company J&J via Yuhan Corporation. Since obtaining U.S. FDA approval in August 2024, 40% of the technology fees Yuhan Corporation receives from J&J have been reflected in its consolidated earnings,” he analyzed.
He continued, “With the inclusion of the Lazertinib and Amivantamab combination therapy as a preferred first-line treatment in the U.S. and the introduction of a subcutaneous injection formulation, the company has established a foundation for expanded prescribing. Royalty revenue is projected to increase 5.7-fold, from 15.6 billion won in 2026 (+95.0% year-over-year) to 88.8 billion won in 2028, and the company is expected to maintain a profitable trend based on royalty income alone,” the analyst emphasized.
Previously, after transferring the technology for Lazertinib to Yuhan Corporation in 2015, OSCOTEC Inc. had not achieved any major technology transfer deals for 10 years. However, in December 2025, it transferred a candidate compound for an Alzheimer’s disease treatment to Sanofi for a total of $1.04 billion, and in 2026, it transferred a treatment for autoimmune diseases to Azios for a total of $670 million. These two deals came just six months after the hiatus.
Researcher Jeong explained, “The fact that we achieved results in different areas—oncology, the central nervous system, and immune disorders—supports the scalability and reproducibility of our R&D. Follow-up pipeline candidates that have entered the clinical stage, such as those targeting antifibrosis and anti-cancer resistance, are expected to be the next candidates for technology transfer.”
The target stock price was calculated by adding the operating value of 1.625 trillion won—based on royalties from Lazertinib—to the new drug value of 765 billion won and net cash of 149 billion won. He added, “Although royalties are accumulating every quarter and technology transfer successes have continued one after another, the stock price is showing a contrasting trend; therefore, we view the gap between the current stock price and intrinsic value as a buying opportunity.”