NeoImmuneTech, a company focused on immunotherapy research and development, has reached its upper limit on the KOSDAQ following news of its first technology export contract since going public.
According to the Korea Exchange, as of 9:58 a.m., NeoImmuneTech's shares rose by 505 won (29.88%) to 2,195 won compared to the previous trading day.
The surge in investor sentiment is attributed to the announcement that NeoImmuneTech signed a technology transfer agreement with U.S. biotech firm Tolerance Bio, valued at up to $260 million (approximately 366.9 billion won). This marks the company's first technology export since its listing on the KOSDAQ in 2021.
The technology transfer involves NeoImmuneTech's immunotherapy candidate, NT-I7, which is aimed at treating diseases related to thymic dysfunction, including immune reconstitution in HIV-infected individuals. The agreement grants exclusive development and commercialization rights in North America and Europe.
Instead of cash, the contract includes a 4% equity stake in Tolerance Bio on a fully diluted basis. NeoImmuneTech will also receive milestone payments of up to $260 million based on clinical development and sales performance. If the product is successfully commercialized, the company will receive additional royalties linked to annual net sales.
Through this agreement, NeoImmuneTech plans to delegate the development of thymic dysfunction-related indications to Tolerance Bio, allowing it to focus its resources on its core business in immuno-oncology.
Tolerance Bio is a U.S. biotech company developing treatments for immune diseases based on the preservation, restoration, and regulation of thymic function.
* This article has been translated by AI.
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