[Kim Saemi, Edaily Reporter] South Korean biotech stocks posted strong gains on October 21, with Lemon Healthcare hitting the daily upper price limit despite no clear catalyst. G2GBIO surged on expectations of a potential licensing deal linked to Novo Nordisk, while OliX advanced after its CEO indicated that some licensing talks with global pharmaceutical companies had progressed beyond initial discussions.

Lemon Healthcare Hits Limit-Up, Surprising Even Management

Lemon Healthcare closed at KRW 3,825, up 29.88%, according to KG Zeroin’s MP DOCTOR.

“We were quite surprised ourselves,” a company official told Edaily, adding that management was unaware of any specific development that could explain the surge.

Lemon Healthcare has been expanding its smart-hospital and telemedicine businesses. This year, it signed proof-of-concept agreements with three Vietnamese hospitals for its LemonCare platform and explored healthcare-insurance partnerships in Japan.

In September, the company launched LemonCare 7.0, which integrates remote consultations and multidisciplinary care, with its first implementation at the National Fire Hospital.

However, these initiatives had already been disclosed, and the company stated that it saw no clear connection between its ongoing operations and the sudden stock rally.

G2G Bio Jumps 14.46% on Potential Novo Nordisk Connection

G2G Bio climbed 14.46% to KRW 42,350 after Shinhan Securities highlighted the potential for its long-acting drug-delivery platform, InnoLAMP, to secure future licensing agreements with global pharmaceutical companies.

On October 19, G2G Bio signed a technology evaluation agreement with China’s United Bio-Technology (UBT), under which its microsphere-based formulation technology will be tested on an undisclosed drug candidate. The evaluation may last up to 12 months.

UBT has an existing partnership with Novo Nordisk. In March 2025, Novo acquired exclusive rights to develop and commercialize UBT251—a triple GLP-1/GIP/glucagon receptor agonist—outside Greater China in a deal worth up to $2 billion, including a $200 million upfront payment.

Shinhan Securities analyst Min-yong Eom suggested that UBT251 could be among the compounds under evaluation, although the specific candidate has not been disclosed.

Eom argued that the successful development of a once-monthly formulation could create an opportunity for a future agreement involving Novo Nordisk.

G2G Bio has previously presented animal data showing sustained drug concentrations for more than 28 days using certain obesity drug candidates. However, these results remain preclinical.

Importantly, G2G Bio has signed an evaluation agreement with UBT, not a licensing deal with Novo Nordisk. Any subsequent commercial agreement remains speculative.

OliX Rises 9.73% as CEO Says Licensing Talks Have Progressed

OliX rose 9.73% to KRW 107,100, buoyed by renewed expectations for additional licensing agreements.

At an investor relations meeting on October 19, CEO Dong-ki Lee said the company was discussing its RNA interference (RNAi) platform and individual drug candidates with multiple global pharmaceutical companies.

“Some of these discussions have moved beyond the stage of a formal meeting between prospective marriage partners,” Lee said, using a Korean expression to describe the progress in negotiations.

OliX did not specify which programs were involved. A company official told Edaily that OLX301A and OLX501A were among several assets previously discussed with potential licensing partners, but declined to link either candidate to the CEO’s remarks.

OLX301A, an RNAi candidate for age-related macular degeneration, recently encountered a setback when its application for a Phase 2a clinical trial in New Zealand was rejected. OliX attributed the decision to a procedural communication issue and said it planned to resubmit the application in October. The company maintained that the setback had not affected licensing discussions.

Meanwhile, the obesity candidate OLX501A has demonstrated reductions in abdominal and visceral fat in nonhuman primate studies. OliX also reported an additional 23% weight reduction when combined with a new target, while preserving lean body mass. The company aims to submit an Investigational New Drug (IND) application in the first half of 2027.

The company also highlighted OASIS-D, its next-generation RNAi platform designed to silence two genes simultaneously.

OliX reported KRW 211 billion in cash and cash equivalents as of the end of June. CFO Young-jin Kim said the company expects its existing funds to support operations through 2030 without additional financing.

While investors welcomed the prospect of new licensing agreements, the counterparties, specific assets, and potential signing dates remain undisclosed.