IM Biologics, which achieved technology export deals worth over 1.8 trillion won ($1.3 billion) just four years after its founding, has entered the global autoimmune disease treatment market. The company's strategy is to compete against Sanofi, currently its only competitor, with its lead candidate 'IMB-101.'
"We will achieve a quantum leap through a big deal with global pharmaceutical companies in 2028," said Ha Kyung-sik, CEO of IM Biologics, at an IPO briefing held in Yeouido, Seoul on the 4th.
IM Biologics is recognized for having proven its technology through major deals even before listing. In 2024, the company exported its autoimmune disease drug candidates 'IMB-101' and 'IMB-102' to U.S.-based Navigator Medicines and China's Huadong Medicine for a combined value of 1.8 trillion won. This marked the largest contract in Korea's pharmaceutical and bio industry in 2024.
The core pipeline is 'IMB-101.' IMB-101 is a bispecific antibody therapy that simultaneously inhibits OX40L, which activates immune cells, and tumor necrosis factor (TNF)-α, which triggers inflammatory responses. "Existing single-antibody-based autoimmune disease treatments have limitations, showing only limited efficacy in some patients," Ha said. "IM Biologics is the only company in Korea developing bispecific antibodies for autoimmune disease treatment."
IMB-101 has entered global Phase 2 clinical trials for hidradenitis suppurativa, an inflammatory skin disease. With only three approved treatments currently available, demand is significant. "We have received IND approval for Phase 2 trials in the U.S. and Canada, and will expand trials to Europe in the first half of this year," Ha said. "Based on human proof-of-concept data next year, we will pursue re-licensing with global big pharma or strategic M&A." The company aims for global market launch in 2032.
Currently, the only competing drug to IMB-101 is Sanofi's 'Brivekimig.' "In U.S. Phase 1 trials, we confirmed excellent safety and tolerability, and saw superior efficacy in inflammatory markers compared to the competing drug," Ha said. "While Sanofi's drug requires subcutaneous administration every two weeks, IMB-101 improves patient convenience with once-every-eight-weeks dosing."
IM Biologics is also expanding its pipeline beyond immune diseases into oncology. These pipelines are developed based on 'IMOptDecon,' an antibody modality design and optimization technology platform. "This technology allows us to design and select optimal antibody modalities based on the mechanism of action and target characteristics of antibody drugs," Ha explained. "We will continue to discover innovative antibody therapeutics and expand our proprietary pipeline." IM Biologics plans to concentrate funds raised from this IPO on developing its core pipeline.