Appetite For Korean Biotechs Turns Sour, Voronoi Withdraws IPO
Bioventure Floats Drop In 1Q
Weak broader stock market sentiment, topped with negative biotech industry news, weighs on Korean bioventure IPOs in the first quarter, with unicorn Voronoi withdrawing its IPO plan. But VC financing in the sector remains steady.
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A recent forum in South Korea heard from a venture capital executive about the changing IPO and financing environment and how bioventures might be able to cope with these changes.
Through a licensing-out deal with ORIC for its EGFR/HER2 exon-20 inhibitor, South Korea's Voronoi hopes to gain from its new partner's commercialization experience in NSCLC. The alliance aims to build a potentially best-in-class presence in a competitive landscape.
Falling foreign investment and increasing business uncertainties in China could present new opportunities for the Korean biopharma sector, which is stepping up globalization and R&D efforts to seek growth.