Genexine and EPD Biotherapeutics Announce Merger to Enhance Drug Development Pipeline
Friday, July 05, 2024
Genexine (KOSDAQ: 095700), a publicly-listed, clinical-stage Korean biopharmaceutical company focused on the development of novel biologics for serious medical needs, has announced its merger with EPD Biotherapeutics ("EPD Bio"). EPD Bio is known for its innovative targeted protein degradation (TPD) bioPROTAC platform technology. This merger aims to bolster Genexine's research expertise in PROTAC technology and expand its drug development pipeline.
Genexine, stated, "With this merger, Genexine has gained critical talent and innovative technology that can lead the global market. The combination of EPD Bio’s bioPROTAC technology with Genexine’s clinical and CMC development strengths will drive the development of groundbreaking new drugs."
EPD Bio, will join Genexine as a representative director overseeing R&D, along with EPD Bio's core research team. Dr. Choi, an expert in targeted protein degradation technology, previously worked at Arvinas and held positions at Samsung Advanced Institute of Technology and Trillium Therapeutics. Mr. Hong will continue to oversee corporate development and business management.
On June 26th, Genexine's board of directors approved the small-scale merger with EPD Bio, with a merger ratio of 1:6.1924079. Genexine will issue new shares to EPD Bio's existing shareholders based on this ratio. The merger is expected to be finalized by early October.
EPD Bio is developing EPDegTM, an mRNA-based bioPROTAC technology designed to overcome the limitations of existing small molecule-based PROTAC technology. This platform produces fusion-protein degraders delivered as mRNA-LNP, removing the need for tissue-specific expression of E3 ligase. As a unique, potentially first-in-class technology, it can create a diverse pipeline of TPDs targeting multiple undruggable targets across various disease indications. EPD Bio has received significant industry attention, winning the ‘Korea Startup/Biopharma Acceleration Program 2023’ led by the Korea Health Industry Development Institute and Takeda Pharmaceutical, which supports innovative domestic biopharmaceutical companies.
RM Global Partners LLC served as Genexine’s strategic advisor for this merger.
Source: businesswire.com
