KOSDAQ · Biotech · Bispecific platform licensing
ABL Bio
ABL Bio is a Korean biotech that designs cancer and brain-disease drug candidates on its Grabody bispecific-antibody platform and licenses them to global pharma. In 2025 it licensed out its Grabody-B blood-brain-barrier shuttle to GSK for up to 4,110.4 billion won and to Eli Lilly for up to 3,807.2 billion won. Sanofi is advancing ABL301, its Parkinson's bispecific. Revenue arrives as upfronts, staged milestones and royalties, while costs concentrate in contract antibody manufacturing (CMO) and outsourced clinical work, since the company runs no commercial production of its own.
298380.KQ Updated Jul 12, 2026 2 AI consumers· 1 recurring
Per the valuechain.wiki graph, ABL Bio is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 5 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Segments · Grabody-B BBB shuttle licensing · Bispecific immuno-oncology and milestones · ADC development (NEOK Bio)
Revenue from
- GSK High confidence· Amount 4,110,425,867,000원 · GSK 기술이전 · Total up to KRW 4,110.4bn, upfront KRW 73.9bn
Licensed its Grabody-B blood-brain-barrier shuttle to GSK. Deal worth up to 4,110.4 billion won (GBP 2,140.1m), including 148.1 billion won (GBP 77.1m) in upfront and near-term milestones. GSK develops and commercialises using oligonucleotide (siRNA, ASO) and antibody modalities, with royalties on net sales.Confirms EN PR Newswire Published Apr 7, 2025: ABL Bio Announces Grabody-B License Agreement with GSK - Lilly (Eli) High confidence· Amount 3,807,246,400,000원 · 릴리 기술이전 · Total up to KRW 3,807.2bn, upfront KRW 58.5bn
Licensed its Grabody-B platform to Eli Lilly with joint early research. Deal worth up to 3,807.2 billion won (USD 2,602m); the 58.5 billion won (USD 40m) upfront was received on 6 Jan 2026. Lilly develops multiple undisclosed targets across modalities, with royalties on net sales.Confirms EN The Korea Economic Daily (KED Global) Published Nov 12, 2025: ABL Bio lands $2.6 bn Eli Lilly deal, capping record year for S.Korean biotech exports - 사노피 High confidence
Licensed ABL301, its Parkinson's bispecific (alpha-synuclein x IGF1R), to Sanofi (via subsidiary Genzyme). Deal worth about USD 1.06bn with a USD 75m upfront. Sanofi runs the subsequent clinical development on its own.Confirms KO ABL Bio Published Jan 12, 2022: ABL Bio signs ABL301 Parkinson's bispecific license with Sanofi
Pays to
- 항체 위탁생산·임상 외주용역(CMO/CRO) High confidence· Amount 69,255,185,000원 · 연구개발 외주용역비 · 2025 outsourced-service cost KRW 69.3bn
With no large-scale production of its own, ABL Bio outsources preclinical and clinical antibody supply to contract manufacturers (CMOs) and runs experiments through outside research organisations (CROs). Outsourced-service cost reached 69.3 billion won in 2025, 74% of the 93.0 billion won total R&D spend. - Bristol Myers Squibb Medium confidence
BMS supplies its checkpoint inhibitor Opdivo (nivolumab) for the triple-combination trial of ABL111 (CLDN18.2 x 4-1BB), ABL Bio's gastric-cancer bispecific. A clinical combination-supply arrangement with undisclosed value.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Cardinal Health | lead2 | -0.4 | +54.1 | +34.1 | +19 | +76.3 | +15.6 |
| McKesson Corporation | lead2 | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | -1.6 |
| Cencora | lead2 | +44.1 | +26.3 | +25.3 | +10.4 | +51.5 | -9.8 |
| Lilly (Eli) | lead1 | +66.1 | +34.3 | +60.9 | +33.3 | +40.2 | +11 |
| ABL Bio | node | +15.9 | -31.3 | +14.2 | +65.2 | +443.9 | -58.6 |
| Bristol Myers Squibb | benef1 | +2.9 | +19 | -26.1 | +15.8 | +0.1 | +10.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
ABL Bio's thesis is a licensing company selling a platform, not its own drug. The core is licensing its blood-brain-barrier (BBB)-crossing Grabody-B shuttle to GSK (up to KRW 4.1tn) and Eli Lilly (up to KRW 3.8tn) in 2025 — revenue comes as upfronts, milestones and royalties, in an asset-light model with no owned manufacturing and costs concentrated in CMO/CRO outsourcing. Value hinges on hitting subsequent milestones and new platform deals, so results swing sharply on contract events. Risks are partner clinical failures/discontinuations and event gaps. Graph propagation: global pharma (GSK, Lilly, Sanofi, BMS) is demand (licensees), while CMO/CRO is upstream cost.
Analysis generated from returns as of 2026-07-10