This article was released as Pharm Edaily Premium Content on October 17, 2026, at 7:05 AM.
[Min Ji-Son, Edaily Reporter] On Oct. 16, South Korean pharmaceutical and biotech stocks rallied, taking cues from overnight gains in U.S. healthcare shares and a broader rebound in domestic equities. Samsung Epis Holdings and Samyang Biopharm advanced on the KOSPI, while LivsMed, HansBiomed, L&C Bio and LigaChem Biosciences posted strong gains on the KOSDAQ.
The rally was largely driven by improving sector-wide sentiment rather than company-specific catalysts. The KOSDAQ surged enough to trigger a buy-side trading curb, known locally as a buy sidecar, temporarily suspending program buy orders as the broader market rebounded sharply.
Industry observers said much of the day's gains reflected a recovery from recent losses, with relatively few stocks supported by fresh clinical data, earnings announcements or other material developments.
"Capital had been heavily concentrated in semiconductor stocks, leaving South Korean pharmaceutical and biotech shares under significant selling pressure," one biotech industry official said. "The recent reversal in that trend appears to have triggered a rebound, but the sector still has a long way to go before fully recovering."
LigaChem Bio gains as CLDN18.2 ADC enters clinical testing
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According to KG Zeroin's MP Doctor platform, LigaChem Bio closed at 68,200 won on the KOSDAQ, up 8.60%, or 5,400 won, from the previous session. The stock briefly traded above 70,000 won intraday.
The gains followed news that the company had dosed the first patient in a global Phase 1/2 trial of LCB02A, its internally developed antibody-drug conjugate (ADC) targeting claudin 18.2, or CLDN18.2.
The U.S. Food and Drug Administration (FDA) cleared the Investigational New Drug (IND) application for LCB02A in May. The first patient was dosed on Oct. 15 at a clinical trial site in North America.
The study will enroll up to 191 patients with CLDN18.2-positive advanced solid tumors whose disease has progressed despite previous treatment.
The Phase 1 portion will evaluate safety and tolerability while determining an appropriate dose. The subsequent Phase 2 dose-expansion stage will assess antitumor activity in patients with CLDN18.2-expressing cancers, including gastric, gastroesophageal junction and pancreatic cancers.
CLDN18.2 is a protein expressed in certain solid tumors, particularly gastric and pancreatic cancers. Its expression on tumor cells makes it an attractive target for therapies designed to deliver anticancer drugs selectively to malignant tissue.
Astellas Pharma's Vyloy (zolbetuximab) is already approved as a CLDN18.2-targeted treatment, but it is a monoclonal antibody rather than an ADC.
No CLDN18.2-targeted ADC has yet received regulatory approval anywhere in the world.
For LigaChem Bio, the opportunity lies in establishing a competitive position in an emerging treatment market by demonstrating both efficacy and safety in clinical trials.
Different payload could give LigaChem Bio a competitive edge
One of the key features LigaChem Bio is emphasizing is LCB02A's payload, the cytotoxic drug component carried by an ADC.
ADCs combine an antibody that recognizes a target on cancer cells with a potent anticancer agent, allowing the drug to be delivered to tumor cells.
LCB02A uses LigaChem Bio's proprietary ConjuAll ADC platform to attach exatecan, a topoisomerase I (Topo1) inhibitor, to an antibody targeting CLDN18.2.
The company said it has developed a uniform structure with a drug-to-antibody ratio of four, using a linker designed to remain highly stable in the bloodstream.
"Candidates from Chinese and global developers that are further ahead in clinical development use different classes of payloads," a LigaChem Bio official said. "Based on preclinical studies, we believe LCB02A has the potential to demonstrate competitive efficacy and safety compared with the ADCs evaluated."
LigaChem Bio believes the different payload could provide an opportunity to enter the market even if rival CLDN18.2 ADCs reach commercialization first.
The company is considering not only direct competition with earlier entrants but also the possibility of treating patients who develop resistance to existing therapies or require alternative treatment options.
"We considered both the market in which LCB02A would compete directly with more advanced candidates and the potential to offer a different payload-based treatment option to patients who develop resistance after receiving those therapies," the official said.
The strategy reflects an effort to differentiate LCB02A through its drug payload rather than relying solely on the same tumor target as competing ADC programs.
Whether that approach translates into a clinical advantage will depend on human efficacy and safety data, including how LCB02A performs in patients previously exposed to other CLDN18.2-targeted treatments.
LigaChem Bio plans to present two posters at the European Society for Medical Oncology (ESMO) Congress 2026, scheduled for Oct. 23–27 in Madrid, Spain.
The presentations will cover preclinical findings for LCB02A and the design of its global clinical trial, providing further details on the development rationale behind the combination of the ConjuAll platform and exatecan payload.
Initial clinical findings could begin emerging in the second half of next year.
"It is difficult to specify an exact data release date because we have only just started dosing the first patient," the LigaChem Bio official said. "However, we expect initial results to begin emerging in the second half of 2027, with a clearer picture available by the first half of 2028 at the latest."
The company is also keeping both independent development and potential global licensing options open.
Whether LigaChem Bio advances LCB02A into late-stage clinical development on its own or partners with a multinational pharmaceutical company will depend on the clinical data and terms of any potential agreement.
"If an attractive partnership opportunity emerges, we could pursue a licensing deal," the official said. "For now, we are preparing for both independent clinical development and potential licensing opportunities."
