[Edaily Reporter YU JIN-HEE ] Ingenia Therapeutics (hereinafter “Ingenia”), a developer of new antibody drugs for microvascular diseases set to list on the KOSDAQ market on the 18th, is expected to show steep growth following a revaluation of its corporate value after the listing. Analysts predict that the company will be able to completely overcome concerns about potential selling pressure (overhang) immediately following the listing through three major positive factors and sustained success in technology exports.

Merck-Led Global Phase 3 Trial for ‘IGT-427’... Royalties Set to Skyrocket Upon Commercialization in 2030

According to industry sources on the 12th, Ingenia recently successfully concluded its public offering subscription for retail investors and will debut on the KOSDAQ market on the 18th. The capital market anticipates that Ingenia’s valuation will not remain at current levels but will expand significantly following its listing. This is because solid growth drivers are in place, including support from global big pharma Merck (MSD) for the commercialization of its new ophthalmic drug, an additional technology export for a new renal drug expected to materialize by the first half of next year, and the securing of stable revenue streams.


The first growth driver is the rapid commercialization of its core pipeline candidate “IGT-427” (Merck code name: MK-8748), which has already been validated. This compound, for which Ingenia licensed the technology to UK-based EyeBio in 2022 for over 1 trillion won, was incorporated into Merck’s official pipeline when Merck acquired EyeBio in 2024 for up to $3 billion (4 trillion won).

In preparation for the patent expiration of its blockbuster immuno-oncology drug “Keytruda,” scheduled for 2028, Merck has designated its ophthalmic disease program—which includes IGT-427—as one of its “Top 10 Core Assets,” expected to generate a total value of over $70 billion (approximately 97 trillion won) by the mid-2030s. Merck is currently conducting two Phase 3 clinical trials for wet age-related macular degeneration (wAMD)
, and plans to launch two additional global Phase 3 clinical trials this month and next month for patients with diabetic macular edema (DME). As a result, a total of four large-scale global clinical trials involving 3,984 participants are set to be conducted simultaneously

According to Phase 2 clinical data, IGT-427—based on the company’s proprietary “LCIDEC” platform—significantly outperformed existing blockbuster treatments Eylea and Vabismo in terms of reducing retinal edema and improving vision through its dual mechanism of action that repairs damaged microvasculature. In addition to allowing for an extended dosing interval of up to 16–24 weeks, the drug is known to demonstrate efficacy as early as one week after administration, indicating a faster onset of action. As such, it is regarded as a fifth-generation treatment poised to shift the market paradigm.

According to Merck’s roadmap, following the completion of clinical trials in 2028, the drug will undergo U.S. Food and Drug Administration (FDA) approval in 2029 and enter commercialization in 2030. If this plan is realized, Ingenia will secure tiered running royalties linked to global sales, thereby gaining a long-term and stable source of cash flow.

‘IGT-303’ Expected to Be Fully Licensed by the First Half of Next Year... Reproducing a Trillion-Won Deal

The second piece of positive news is the push for an early technology export of “IGT-303,” a treatment for chronic kidney disease (CKD). Ingenia has brought IGT-303—which is currently undergoing Phase 2a clinical trials in Australia, New Zealand, and South Korea—to the licensing-out (L/O) negotiation table with multiple global big pharma companies on par with Merck.

IGT-303 is based on a “TIE-body” antibody that directly activates the TIE2 receptor in the renal glomeruli. Results from primate studies showed a 58% reduction in proteinuria, significantly outperforming existing treatments. The global market for chronic kidney disease is estimated at approximately $33.62 billion (about 47 trillion won) this year, making it significantly larger than the ophthalmic disease market.

Unlike IGT-427, which was valued at 1 trillion won during the preclinical stage, IGT-303 is expected to see its valuation more than double, as negotiations are proceeding based on precise clinical data from the Phase 2a trial. Considering the duration of technology export negotiations, a major deal worth trillions of won is expected to be finalized as early as the first half of next year.

Accelerating Technology Exports for Follow-on Pipeline... Expected to Join Alteogen Inc. and LigaChem Biosciences as a Major Player

The third pillar is the acceleration of follow-on pipeline development based on additional technology exports. Ingenia plans to invest approximately 60 billion won from the public offering, along with its existing cash reserves, to successfully complete a series of technology exports for a glaucoma treatment (IGT-302), a solid tumor treatment (IGT-532), and a pulmonary arterial hypertension treatment (IGT-627) without any setbacks.

Based on this, Ingenia’s earnings growth will become tangible once milestone payments and new contract fees begin flowing in at each stage of the technology export process.

The biotech industry predicts that if this goal is realized, Ingenia will firmly establish itself as a mega-cap biotech stock leading the domestic capital market, following in the footsteps of companies such as Alteogen Inc.(196170) and LigaChem Biosciences(141080).

Han Sang-yeol, CEO of Ingenia, emphasized, “We will prove the value of our independently developed microvascular normalization platform technology in the global market,” adding, “We will demonstrate tangible results through concrete data and major global licensing agreements.”