[Edaily Reporter Kim Jinsoo ] Vaxcell-Bio Therapeutics(323990)has attracted significant attention from investors after preclinical trials of its chimeric antigen receptor (CAR) T-cell therapy, currently under development, demonstrated efficacy against solid tumors.

Alteogen Inc.(196170)The stock price of [Company Name] fell due to the possibility of a price reduction for Keytruda SC (Keytruda Qurex) in line with U.S. drug price reduction policies, the resulting impact on earnings, and the impact of the legal dispute between its partner Merck (MSD) and Halozyme. Seegene Inc.(096530)saw a sharp drop in its stock price after reporting earnings that fell short of expectations.

Vaxcell-Bio Therapeutics Hits Daily Price Limit After Proving Pipeline’s Efficacy

According to KG Zeroin’s MP Doctor (formerly Marketpoint), Vaxcell-Bio Therapeutics’ stock price soared to the daily upper limit during the morning session and closed at 4,835 won. Analysts attribute the day’s rise to the company’s next-generation chimeric antigen receptor (CAR)-based T-cell therapy demonstrating anticancer efficacy even in solid tumors, a treatment area previously considered a limitation.

Vaxcell-Bio Therapeutics announced that it presented research results on “VCB-1204,” a dual-target CAR-T therapy for solid tumors, and “VCB-1201,” a CAR-MIL therapy for multiple myeloma, at the Society for Immunotherapy of Cancer (SITC 2026) conference today.

A key highlight of this presentation is the potential of VCB-1204 to treat solid tumors. While CAR-T therapies have demonstrated therapeutic success in blood cancers, their development for solid tumors has faced challenges due to varying target antigen expression across cancer cells and the tumor microenvironment, which hinders the function of immune cells.

VCB-1204 is a dual-target CAR-T therapy designed to simultaneously target PD-L1 and EphA2, thereby overcoming these challenges. Vaxcell-Bio Therapeutics confirmed anticancer efficacy with a single intravenous administration in animal models of liver, stomach, and ovarian cancers. Notably, in the intermediate-dose group of the liver cancer model, a 100% complete remission rate was observed in both male and female animals. Tumor growth inhibition was also observed in the stomach and ovarian cancer models.

Positive results were also confirmed for VCB-1201, which is under development as a treatment for multiple myeloma. This therapy involves introducing a BCMA-targeted CAR into immune cells harvested from a patient’s bone marrow; in this study, manufacturing reproducibility was confirmed through a 10-day large-scale culture process. Furthermore, the therapy maintained its cytotoxic activity even after repeated exposure to cancer cells.

Vaxcell-Bio Therapeutics is preparing to submit an Investigational New Drug (IND) application for these two candidate compounds. However, since the anticancer efficacy disclosed this time is based on preclinical results, subsequent clinical trials will be required to confirm whether similar therapeutic effects will be observed in actual patients.

Alteogen Inc.: Concerns Over Drug Price Cuts and the Halozyme Dispute

Alteogen Inc.’s stock price closed at 167,500 won, down 16.46%. The decline in Alteogen Inc.’s stock price today is attributed to the impact of U.S. drug price reduction policies and the legal dispute between its partner Merck (MSD) and Halozyme.

First, on the 5th (local time), the U.S. Centers for Medicare & Medicaid Services (CMS) ruled that certain combination formulations—which combine hyaluronidase or similar substances with existing drugs to alter the route of administration—should be subject to the same drug pricing negotiations as the existing drugs. This regulation will take effect starting with drug pricing negotiations in 2029.

However, Alteogen Inc. stated that the actual impact of the drug price reductions on the company’s revenue is expected to be limited.

An Alteogen Inc. official said, “While the official discount rates for the 10 drugs subject to price reductions this year range from 38% to 79%, the actual impact on sales will generally be within 20% when rebates and other factors are taken into account,” adding “Keytruda SC recorded sales of $830 million in the third quarter of this year, and MSD maintains its goal of expanding the proportion of U.S. administrations to 30–40% by the end of 2027.”

He continued, “The shift to the SC formulation aligns with the strategic needs of global pharmaceutical companies to improve patient convenience, differentiate products, and extend patent-based exclusivity,” and emphasized, “We will continue to pursue the expansion of global partnerships and commercialization.”

In addition, the decline in Alteogen Inc.’s stock price is believed to be partly due to the patent dispute surrounding Keytruda Qurex—which utilizes the subcutaneous formulation technology—spreading to a European contract manufacturer. In September, U.S.-based Halozyme filed for a preliminary injunction in Italy against MSD’s local subsidiary and the finished drug contract manufacturer BSP Pharmaceuticals. The first hearing is scheduled for December 2.

An Alteogen Inc. official stated, “It appears the stock price has fallen due to a combination of factors, including the drug price reduction and the patent dispute between our partner MSD and Halozime.”

Seegene Inc. Falls After Missing Consensus Estimates

Seegene Inc.’s stock price fell 20.65% from the previous day to 24,600 won. The day’s decline is believed to reflect disappointment over the company’s third-quarter earnings, which were released last week.

Seegene Inc. announced on the 6th that it recorded consolidated third-quarter revenue of 123.1 billion won and operating profit of 11.6 billion won. This represents year-over-year increases of 8.4% and 21.2%, respectively. However, operating profit fell 38.1% short of the market consensus of 18.8 billion won. There was a significant discrepancy between the results anticipated by the securities industry and the actual results.

In particular, compared to the previous quarter, revenue fell by 9.4% and operating profit by 46.1%; the decline in operating profit was far steeper than the drop in revenue, indicating a significant slowdown in profitability.

Net income also turned to a loss. Seegene Inc. recorded a net loss of 18.8 billion won in the third quarter, marking a sharp deterioration in profitability compared to the net profit of 26.0 billion won in the previous quarter.

Seegene Inc.’s performance grew significantly during the COVID-19 pandemic due to a surge in demand for diagnostic kits; since then, the company has been in the process of securing a stable revenue base centered on non-COVID-19 diagnostic products and restoring profitability.

Seegene Inc. officials stated, “Although our performance continues to show growth, it appears the stock price has fallen due to a discrepancy between market expectations and actual results.”