pharm edaily

[Seok Ji-hoen, Edaily reporter] South Korean biotech company AprilBio’s global partner Evommune has filed for an initial public offering on the New York Stock Exchange under the ticker symbol EVMN.

Cha Sang-hoon, CEO of AprilBio (Courtesy of AprilBio)

In June 2024, AprilBio licensed out its autoimmune disease drug candidate APB-R3 (EVO301) to Evommune in a deal valued at up to 475 million dollars. Analysts say that if Evommune receives a strong valuation during its IPO, AprilBio’s technology value and milestone revenue potential could rise in tandem.

According to the pharmaceutical industry on Friday, Evommune recently submitted its IPO registration statement to the U.S. Securities and Exchange Commission. The lead underwriters include Morgan Stanley, Leerink Partners, Evercore ISI, and Cantor.

Evommune specializes in developing therapies for chronic inflammatory diseases and currently has two drug candidates in its pipeline. Among them, EVO301-known as APB-R3 in Korea-was licensed from AprilBio in June 2024 with exclusive global development and commercialization rights.

EVO301 is a long-acting fusion protein designed to selectively block the IL-18 inflammatory pathway. The company is conducting a Phase 2 trial in patients with moderate to severe atopic dermatitis, with interim results expected in the first half of 2026. Evommune has also designated ulcerative colitis as the next indication and is preparing to begin another Phase 2 study.

Industry Sees Confidence Behind IPO Move

Industry sources say Evommune’s IPO filing reflects growing confidence in the clinical progress of its lead assets. The company has been expanding indications faster than expected, recently updating its official website to list ulcerative colitis as a new indication for APB-R3.

The fact that Evommune disclosed a new indication before completing its ongoing atopic dermatitis trial is seen as an early signal of confidence in its clinical data.

“Given Evommune’s rapid clinical advancement, there is a high likelihood that AprilBio will secure additional milestone payments and see its valuation reassessed in the first half of next year,” said Wi Hae-joo, an analyst at Korea Investment & Securities.

Although Evommune’s specific valuation has not yet been disclosed, analysts believe a strong IPO pricing would boost AprilBio’s overall pipeline value.

“If Evommune achieves a strong valuation in the U.S. market, it will further validate the global credibility of our technology,” an AprilBio official said. “As clinical milestones align with the IPO timeline, there is greater potential for milestone revenue and follow-up partnerships.”

Next-Generation Pipeline: Expanding Into Liver Disease

AprilBio is also developing a double protein therapy based on APB-R3 to target nonalcoholic steatohepatitis, or MASH. In preclinical studies completed last year, APB-R3 showed efficacy in reducing liver fibrosis and inflammatory responses, with results published in an international journal.

The company is now optimizing APB-R3’s molecular structure to create a next-generation double-protein candidate for metabolic diseases and plans to enter Phase 1 trials after 2026.

Since its founding, AprilBio has generated all of its revenue from out-licensing drug candidates. The company’s cumulative licensing agreements amount to about 1.2 billion dollars.

AprilBio received an upfront payment of 15 million dollars from Evommune last year, marking its first operating profit since going public.