After the return of antibody-based urticaria treatment technology, the U.S. FDA is in clinical progress, saying, “It will grow into a heterogeneous industry combination,·Big Pharma.”
Coas, a company specializing in office furniture, announced on the 24th that it will enter the pharmaceutical and bio industries by acquiring “Nobeltinobility” (Nobelti), an antibody-based new drug development company.
Coas announced on the 22nd, “We plan to acquire 2,441,009 shares of Noveltinobility for about 15 billion won on the 8th of next month.” Under the deal, Coas will become the largest shareholder with a 14.3% stake in Novelty.
The total investment contract amount is worth 50 billion won, and the rest of the amount excluding the first acquisition of new shares (15 billion won) will be raised through the acquisition of private equity convertible bonds (CB) and additional new shares.
Novelty is a bio-company that develops new drugs based on antibodies, founded in 2017 by CEO Park Sang-kyu when he was a professor at Ajou University. It has a technology to develop antibody treatments targeting protein receptors (c-Kit) present in cell membranes. Currently, chronic urticaria and allergy treatment (NN2802) and retinal disease treatment (NN4101) are being developed.
Allergic treatments were exported to Valenzabio in the U.S. in 2022 and went through U.S. clinical trials 1a (small early clinical trials), but the technology was returned earlier this year.
Coas explained, “The U.S. clinical trial has been delayed due to the restructuring problem of the partner company,” adding, “The technology was returned at the request of Noblet to protest the breach of the agreement.” In January, Novelty requested a preliminary review for listing the KOSDAQ technology special, but voluntarily withdrew the review in June due to the return of the technology.
Regarding the background of the acquisition, Coas said, “We have sought to acquire more than 30 biotech companies for over a year in line with the heterogeneous industry combination plan, and we will pursue the acquisition by grasping the original technology of Noble T and the value of several pipelines.” Bio, which is on the same line as the joint investment of 5 billion won in HLB Pep (formerly Anizen) in MarchIt is explained that it is an investment in the pharmaceutical business.
Coas expected that if the U.S. FDA 2a clinical trial for NN2802 is conducted by the middle of next year, a larger technology transfer contract than before will be possible.
“With this surprise acquisition of Noveltinovability, Coas will transform into a bio company and fulfill its dream of growing into a global big pharma,” said Min Kyung-joong, CEO of Coas. “We will continue our main business of furniture and have a portfolio of new businesses such as new drug development and animal drugs.”
link