Genosco, which first discovered the Korean cancer drug Lazcluze, along with Ingenia Therapeutics and Pinetree Therapeutics, which are now pursuing listings, share a common trait: all are based in Boston and Cambridge, Massachusetts (the Boston cluster). As the largest biotech cluster in the United States, Boston offers advantages in attracting global talent and producing technology licensing results through network-driven research and development (R&D) and business development (BD). As a result, not only domestic biotech ventures but also traditional pharmaceutical companies are establishing bases in Boston.
According to industry sources on the 9th, the major technology licensing deals for Korean-linked drugs discovered in the Boston cluster—including Lazcluze, the first Korean cancer drug to win U.S. Food and Drug Administration (FDA) approval—total nearly $3.5 billion. Genosco, the U.S. subsidiary of Oscotec (039200), licensed the lung cancer treatment Lazcluze to Yuhan (000100) in 2015 and then completed a $1.25 billion licensing deal with Johnson & Johnson (J&J) in 2018. Ingenia Therapeutics signed a licensing deal worth 1 trillion won (about $600 million) with iBio in 2022, while Pinetree Therapeutics signed a $500 million licensing deal with AstraZeneca in 2024. Orum Therapeutics (475830) signed licensing deals with Bristol Myers Squibb (BMS) in 2023 and Vertex Pharmaceuticals in 2024, worth $180 million and $945 million respectively.
Industry observers note that the technology licensing achievements of these companies are closely tied to their Boston location. The Boston cluster brings together American universities, hospitals, companies, and investment firms, with frequent movement of personnel among them. Boston's drug development experts exchange information as they move between big pharma and biotech ventures. An official in the domestic biotech industry said, "In Boston, drug development experts frequently build mutual trust and close deals through their networks," adding, "Ingenia's licensing of its retinal disease treatment 'IGT-427' to iBio was also done through the networks of its local staff."
Orum Therapeutics is a case of a company founded in Korea that produced results by establishing an R&D base in the United States. Orum faced a crisis in 2019 when it had to abandon a drug project it was pursuing, but later achieved a comeback with its 'TPD² technology,' which binds a targeted protein degrader (TPD) to an antibody as an antibody-drug conjugate (ADC). Peter Park, the former chief scientific officer (CSO) based in the United States, played a decisive role at that time. The 2024 deal with Vertex is also known to have been completed by actively leveraging the networks of Orum's local staff. Park Soon-man, a senior researcher at the Korea Health Industry Development Institute, said, "Orum proved that growing a company in Boston carries meaning beyond simply opening an office," explaining, "The existence of the Boston research lab was a proving ground that earned the trust of global partners."
As a result, not only domestic biotech ventures but also traditional pharmaceutical companies are turning their attention to Boston as an R&D base. Yuhan, GC Biopharma (006280), Hanmi Pharmaceutical (128940), Daewoong Pharmaceutical (069620), Dong-A ST (170900), JW Pharmaceutical (001060), Chong Kun Dang (185750), Boryung (003850), and Huons (243070) have all entered the Boston cluster. A biotech industry official stressed, "As the U.S. government recently strengthens its containment of China's biotech industry, entering the United States could be an opportunity for domestic biotech companies," adding, "A 'second Genosco' must emerge among domestic companies with strong technological capabilities."
