pharm edaily

[Kim Jiwan, Edaily Reporter] On the 20th, Korea’s biopharmaceutical industry spotlighted Bridge Biotherapeutics’ transformation into a Bitcoin investment firm following a failed drug development, while Vaxcell Bio expanded its advanced biopharmaceutical manufacturing capabilities, and Medytox saw its stock surge on record quarterly results and production expansion.

BridgeBio, From Delisting Threat to Bitcoin Treasury Company

Bridge Biotherapeutics, once on the brink of delisting due to a failed new drug development, surged in stock price after announcing it would become a Bitcoin (BTC) treasury firm under new ownership. On the 20th, the company’s share price rose 20.59% (161 KRW), closing at 943 KRW.

The company disclosed it will issue 20 billion KRW in third-party allocated shares and 5 billion KRW in convertible bonds to Parataxis Holdings and the Parataxis Korea Fund No. 1. As a result, the largest shareholder will shift from founder and CEO Lee Jung-kyu to Parataxis, and the company will be renamed “Parataxis Korea.”

Parataxis Holdings is affiliated with Parataxis Capital Management (PCM), a New York-based hedge fund specializing in digital assets. PCM co-founder and CEO Edward Jin will join Parataxis Korea’s board, and PCM partner Andrew Kim will become the new CEO.

“Our goal is to support institutional investors’ access to Bitcoin based on sound corporate governance and disciplined capital management,” said Andrew Kim. CEO Edward Jin added, “Accumulating Bitcoin treasury assets will benefit shareholders and the Korean market in the long term.”

Despite clinical failure with its BBT-877 program and financial struggles, Bridge Biotherapeutics will retain its biotech business as a division and explore new growth drivers through this investment.

Vaxcell Bio Starts Full-Fledged CDMO for Cell Therapy

Vaxcell Bio’s stock rose sharply after receiving authorization for “human cell management business” from the Ministry of Food and Drug Safety. The company closed at 10,500 KRW, up 880 KRW (9.15%).

The newly approved GMP-compliant facility is located within the Advanced Immune Therapy Open Industrialization Platform (A-TOP) at the Biopharmaceutical Research Center in Hwasun County, Jeollanam-do. With a floor area of 1,452㎡, it was completed in July last year and is 3.5 times larger than the previous facility.

It is equipped with advanced systems to manufacture GMP-grade NK (natural killer) cell therapies, CAR (chimeric antigen receptor) therapies, and autologous bone marrow-derived cells. Vaxcell Bio is currently supplying NK cell therapies produced at this facility to clinical research on small-cell lung cancer at Hwasun Chonnam National University Hospital and plans to supply them for a recently approved pancreatic cancer study. Production of autologous bone marrow cells and CAR therapies is also planned.

With this license, Vaxcell Bio has now secured all three core regulatory approvals required for advanced biopharmaceutical R&D and production: ▲Cell Processing Facility ▲Advanced Biopharmaceutical Manufacturing License ▲Human Cell Management Business.

“This approval will invigorate our participation in advanced regenerative clinical research and give momentum to our CDMO (Contract Development and Manufacturing Organization) business, diversifying revenue sources,” said CEO Lee Jae-jung.

Medytox Raises Performance Outlook on Factory No. 3 Boost

Medytox’s stock rose on expectations of strong performance. On June 18, PharmiDaily published an article titled, “Break Out the Calculator Again… Medytox Sends Signal of Turnaround.” As market reassessment followed, Medytox shares climbed to 171,200 KRW, up 8,200 KRW (5.03%).

Market expectations for Medytox are rapidly being revised upward. This year’s projected revenue is 293.6 billion KRW, and next year’s is 366.9 billion KRW far above last year’s 228.6 billion KRW. This also significantly exceeds the company’s earlier guidance of 261.0?274.5 billion KRW for this year and 283.5 billion KRW for next year.

The catalyst is the company’s record Q1 earnings. Medytox recorded 64 billion KRW in Q1 revenue, the highest quarterly result in its history. The key factor: full operation of Factory No. 3. A company official noted, “With only Factory No. 1 in operation, we couldn’t meet demand. The new factory resolved this bottleneck.” Factory No. 3 reportedly has annual capacity of around 600 billion KRW, nearly 10 times that of Factory No. 1.

Additionally, exports to markets such as the U.S., China, Brazil, and Thailand have grown, improving profitability. “Export unit prices for toxins are roughly twice those of domestic sales. As exports rise, so does the average selling price and overall profitability,” the company explained.

Analysts now forecast operating profits of 51.2 billion KRW this year and 80.8 billion KRW next year. Operating margins are expected to reach 17.5% this year and 22.0% next year, up from just 8.9% last year.