Buying spread across companies with mRNA platforms, delivery technologies, and oncology assets as investors sought out potential beneficiaries of the clinical results. Samyang Biopharm hit the daily upper limit, while several other mRNA- and immuno-oncology-related stocks posted double-digit gains.
Samyang Biopharm Hits Daily Upper Limit on Dual mRNA Catalysts
The stock surged as Moderna and MSD’s Phase 3 success highlighted the potential of mRNA technology in oncology. Investor sentiment received an additional boost after Samyang Biopharm disclosed preclinical data for its own mRNA cancer vaccine delivery platform on the same day. The company stated that the timing of the two announcements was coincidental.
Samyang Biopharm stated that a paper detailing preclinical results for NanoReady—a delivery system based on its proprietary SENS gene delivery platform—was published in the *Journal of Controlled Release*.
According to the company, in non-human primates, NanoReady loaded with cancer antigen mRNA selectively delivered the payload to spleen cells involved in immune function and induced T-cell immune responses against the tumor antigen. No signs of systemic toxicity were observed following repeated dosing, based on blood and tissue assessments.
NanoReady is designed so that the delivery vehicle can be manufactured and stored in advance, with the desired mRNA added later. Once patient-specific mRNA is prepared, it can be mixed with the delivery system to produce a vaccine, potentially shortening manufacturing timelines for personalized cancer vaccines.
“Conventional lipid nanoparticles must be manufactured together with mRNA after the mRNA itself is ready,” said a Samyang Biopharm official. “With NanoReady, the delivery vehicle can be prepared in advance without mRNA, allowing a personalized vaccine to be produced more quickly once the patient-specific mRNA becomes available.”
Unlike conventional lipid nanoparticles, or LNPs, NanoReady has a multilayer structure. Samyang Biopharm stated that it can carry approximately 20 times more mRNA per particle than LNPs.
The company also noted that the platform does not use PEG lipids or phosphatidylcholine-based helper lipids, which could help reduce the risk of hypersensitivity reactions or accelerated clearance associated with repeated administration.
Samyang Biopharm plans to apply NanoReady to its own pipeline while also remaining open to global licensing and co-development opportunities.
“NanoReady could be licensed out, but we could also discuss collaborations involving the joint development of drug candidates,” said a company official. “Once our dedicated gene therapy manufacturing facility in Daejeon is completed—which is targeted for the third quarter of next year—we expect follow-on development of NanoReady-based candidates to accelerate in the second half of next year.”
Moderna Results Boost Broader mRNA and Oncology StocksThe rally extended well beyond Samyang Biopharm, with investors driving up the prices of Korean companies linked to Moderna, MSD, or mRNA and cancer vaccine technologies.
SomaGen, which has provided DNA and RNA genomic analysis services to Moderna, rose 29.98% to 3,750 won.
Naibec, which is developing PEPTARDEL—a peptide-based mRNA drug delivery platform designed as an alternative to conventional LNPs—climbed 19.82% to 19,100 won.
Alteogen, which licensed subcutaneous formulation technology to MSD for Keytruda, rose 11.86% to 339,500 won. ST Pharm, which owns mRNA capping and LNP delivery technologies, gained 11.68% to 110,900 won.
Buying also extended to companies with looser ties to mRNA delivery but exposure to cancer vaccine or immunotherapy combination strategies.
GI Innovation gained 7.98% to close at 8,800 won. The company informed shareholders that the Moderna-MSD results could have positive implications for the development and commercialization of GI-102, its immuno-oncology candidate.
GI Innovation stated that the results support the broader potential of combining cancer vaccines with immune-activating agents.
"Moderna’s personalized cancer vaccine is designed to induce immune responses against tumor-specific antigens, and the company aims to expand beyond melanoma into other cancers," GI Innovation said. "To amplify the immune response generated by the vaccine, IL-2 can play an important role, which could increase the value of safer IL-2 candidates such as GI-102."
MedPacto also rose 6.37% to 2,590 won as investors focused on the potential use of its TGF-beta inhibitor vactosertib as a combination therapy that could enhance immune responses induced by cancer vaccines.
The company recently published preclinical data in *Nature Communications* on a combination of vactosertib and PROTEXI, a cancer vaccine platform developed by its U.S. affiliate, Celloram.
In animal studies, tumors in the combination group shrank to less than 25% of the size observed with PROTEXI alone. By day 25, survival exceeded 75% in the combination group, compared with roughly 50% in the vaccine-only group.
“Cancer vaccines have faced limitations, including insufficient immune responses, modest efficacy, and difficulty in designing clinical strategies,” said a MedPacto official. “Vactosertib improves the immunosuppressive tumor microenvironment and helps immune cells attack cancer more effectively, making it a potentially meaningful combination strategy to enhance cancer vaccine efficacy.”
Another connection stems from MedPacto’s largest shareholder, Theragen Etex, whose subsidiary, Theragen Bio, is participating in the South Korean government’s ARPA-H-style PAVE project to build a personalized cancer vaccine development platform.
According to MedPacto, the related cancer vaccine program has completed preclinical work and is preparing to enter clinical development.
"Moderna’s latest results could boost confidence in the clinical development and regulatory pathway for personalized cancer vaccines," the MedPacto official said. "That could create a more favorable development environment for companies that already possess core technologies and are preparing to enter clinical trials."
Still, some market participants cautioned that the rally may have extended beyond companies with direct exposure to the Moderna-MSD program.
Moderna shares surged 177% in U.S. trading overnight, while MSD also reached a record high, fueling a rapid spillover of investor enthusiasm into Korean stocks perceived to have links to mRNA cancer vaccines.
“Moderna’s Phase 3 success is clearly positive in that it strengthens confidence in mRNA cancer vaccines and combination treatment strategies,” said one biotech industry official. “But the fact that investor sentiment improved even for companies with no direct connection to Moderna or MSD suggests some of the rally may be short-lived. Investors will need to watch whether the excitement translates into actual licensing deals, orders, or other commercial results.”
