Bridge Biotherapeutics surges on ownership change
Bridge Biotherapeutics’ stock soared 26.01% to close at 3,415 won after the company announced a change in its largest shareholder via a third-party allotment. Parataxis Korea Fund and an affiliate have acquired a 37% stake (30.6 million shares), replacing CEO Lee Jung-kyu and seven others.
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An extraordinary shareholders’ meeting is scheduled for Aug. 7 to appoint new executives, including Chin, incoming CEO Andrew Kim, and Junki Hong of Bogo Fund Labs. External board members and legal experts from Sejong LLC have also been nominated.
The company plans to revise its articles of incorporation to expand into digital asset management, blockchain-based asset R&D, and potentially change its name to Parataxis Korea. Its biotech operations will be retained as a division.
Bridge Biotherapeutics was the first Korean biotech firm to adopt the NRDO (No Research, Development Only) model?acquiring promising drug candidates, conducting mid-stage development, and licensing them out. The firm gained significant investor interest with early tech transfer deals, including one with Boehringer Ingelheim in 2019. However, setbacks followed: Boehringer returned rights to its IPF candidate BBT-877 in 2020, and its ulcerative colitis drug BBT-401 failed to show efficacy in a Phase 2a trial in Korea.
In March, the company was flagged for regulatory monitoring after its net loss exceeded 50% of equity capital. Analysts say the recent equity investment may help Bridge Biotherapeutics retain its listing and improve its financials. The stock has quadrupled since June 18, with market cap rising from 40.8 billion won to 183.7 billion won.
ST Pharm boosted by major U.S. contracts
ST Pharm closed up 9.61% at 84,400 won after announcing two contracts worth $18.25 million (approximately 24.9 billion won) with U.S. biotech firms. The deals include a $16.56 million supply for a cardiovascular drug in 2026 and a $1.69 million supply for a metabolic disorder treatment in clinical trials this year.
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RNA therapeutics and gene-editing platforms, including CRISPR, were among key topics discussed at BIO USA. The company held 74 partnering meetings during the conference to broaden its global network.
Genesystem slumps on Indian contract fallout
Genesystem shares tumbled 21.23% to close at 6,270 won after announcing the cancellation of its supply contract with India’s Genetix Biotech Asia. The company cited non-fulfillment of an advance payment obligation as the reason for termination.
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The agreement had originally been set to run through March 2027, but Genesystem issued a termination notice on July 1. The deal’s value was 3,286.63% of the company’s 2023 annual revenue, and its cancellation is likely to significantly impact future sales and earnings.
