KOSDAQ · ADC biotech · ConjuAll licensing-out
LigaChem Biosciences
LigaChem Biosciences (formerly LegoChem Biosciences) is a drug developer built on its proprietary antibody-drug conjugate platform called ConjuAll. Its main revenue comes from out-licensing candidates to global pharma. In December 2023 it licensed the Trop2-targeting LCB84 to Janssen (Johnson & Johnson) for up to USD 1.7225 billion, and in October 2024 it transferred the L1CAM-targeting LCB97 and its ADC platform to Japan's Ono Pharmaceutical. Disclosed cumulative milestones total about KRW 9.4 trillion. In 2024 PAN Orion (the Orion Group) became its largest shareholder.
141080.KQ Updated Jul 12, 2026 2 AI consumers
Per the valuechain.wiki graph, LigaChem Biosciences is directly linked to 3 companies (1 supply, 1 revenue, 1 investment relationships) and reaches 5 companies within two hops; the links are backed by 9 dated sources, 5 of them primary filings (as of 2026-07-12).
Financials & Segments
- Segments · Drug R&D (ADC licensing-out) · Medical business (device distribution)
Revenue from
- 얀센 바이오테크 / 존슨앤드존슨 (LCB84 Trop2-ADC) High confidence· Amount $1.7B · LCB84 총 계약규모(마일스톤 포함)
In Dec 2023 out-licensed worldwide exclusive rights to the Trop2 ADC candidate LCB84 to Janssen (J&J): up to USD 1.7225bn (USD 100m upfront + USD 200m option + USD 1,422.5m milestones) plus tiered royalties on net sales.Mentions KO AJU Business Daily Published Dec 22, 2025: Hyundai Motor Securities lifts LigaChem target to KRW 240,000 on LCB84 upsideConfirms KO DART (FSS) Published Dec 26, 2023: Material disclosure: LCB84 Trop2-ADC license agreementConfirms EN The Korea Economic Daily (KED Global) Published Dec 26, 2023: LegoChem Bio, Janssen sign $1.7 bn ADC licensing dealMentions EN Business Wire Published Dec 25, 2023: LegoChem Biosciences Announces License Agreement for LCB84 Trop2-Targeted ADC - 오노약품공업 (LCB97 L1CAM-ADC + ADC 플랫폼) High confidence· Amount $700M · LCB97 총 계약규모
In Oct 2024 out-licensed worldwide exclusive rights to the L1CAM ADC LCB97 to Ono Pharmaceutical (Japan) for USD 700m (~KRW 943.5bn) plus royalties, and on the same day signed a separate multi-target ADC platform deal (undisclosed value).Confirms KO DART (FSS) Published Oct 10, 2024: Material disclosure: LCB97 L1CAM-ADC license agreement (Ono)Confirms KO DART (FSS) Published Oct 10, 2024: Material disclosure: ADC multi-target platform license (Ono) - 시스톤(CStone) (LCB71 ROR1-ADC) Medium confidence· Amount $364M · LCB71 총 계약규모
Out-licensed the ROR1 ADC LCB71 (CS5001) to China's CStone: USD 363.5m (upfront + milestones) plus royalties and revenue sharing; Phase 1 ongoing in the US, Australia and China. - 포순제약(Fosun Pharma) (LCB14 HER2-ADC) Medium confidence· Amount $4M · LCB14 임상3상 진입 마일스톤
Licensed the HER2 ADC LCB14 (Caxmotabart Entudotin) to China's Fosun Pharma for the China market (~KRW 20.9bn); received a USD 3.5m (~KRW 4.55bn) Phase 3-entry milestone in Apr 2023.Confirms KO DART (FSS) Published Apr 3, 2023: Material disclosure: LCB14 HER2-ADC milestone fee (Fosun) - 암젠(AMGEN) (ADC 플랫폼 원천기술) Medium confidence
In Dec 2022 signed an ADC platform (source-technology) transfer deal with US-based Amgen; part of the ~KRW 9.4tn disclosed cumulative drug-segment milestones.
Pays to
- 자체 연구개발비 (ADC 파이프라인 R&D) High confidence· Amount ₩217.1B · 연구개발비용 계(연결)
FY2025 R&D spend of KRW 217.1bn (~153.4% of revenue); candidate discovery and clinical trials for out-licensing are the main cost driver. - 삼성바이오로직스 (ADC CDO·CMO 위탁개발·생산) High confidence
Signed a CDO agreement with Samsung Biologics in Feb 2024 and a material-transfer agreement in Jun 2024; ADC development and manufacturing run at Samsung's dedicated ADC facility in Songdo (3+ projects in 2025).Confirms KO Edaily Pharm Published Jun 17, 2024: Samsung Biologics deepens ADC CDMO tie-up with LigaChem - 항체 기술도입 파트너 (Mediterranea·Elthera·와이바이오 등) Medium confidence
In-licenses target antibodies for its ADCs from multiple partners: the LCB84 Trop2 antibody from Mediterranea Theranostic, plus antibody deals with Elthera (Switzerland, Feb 2023), Daan Bio, Y-Biologics, Novarock and Go Therapeutics.Confirms EN Business Wire Published Dec 25, 2023: LegoChem Biosciences Announces License Agreement for LCB84 Trop2-Targeted ADC
Investors
- 오리온그룹 / PAN Orion Corp. High confidence· Market share 25.58% · 최대주주 지분율
PAN Orion Corp. Limited, the Orion Group's investment vehicle, became the largest shareholder on 29 Mar 2024 with a 25.58% stake.
Investments
- 익수다 테라퓨틱스(Iksuda Therapeutics) Medium confidence· Market share 77.14% · 지배력 획득 최대 지분
Acquired control of UK-based Iksuda Therapeutics (a longtime ADC platform licensee) on 31 Mar 2025 via forward and put arrangements, taking up to 77.14% and consolidating it as a subsidiary.
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 |
|---|---|---|---|---|---|---|---|
| Johnson & Johnson | lead1 | +11.4 | +6 | -8.6 | -4.8 | +47.5 | +25.6 |
| LigaChem Biosciences | node | -26.2 | -18.1 | +37.1 | +151 | +60.5 | -40.7 |
| Orion | benef1 | -18.4 | +29 | -25.5 | +10.6 | +18.7 | +19.8 |
| Samsung Biologics | benef1 | -6.8 | +8.6 | +5.8 | +28.7 | +5 | -20.1 |
| Samsung E&A | benef2 | +74.5 | +20 | -13.7 | -15.9 | +76.7 | +43.2 |
| Danaher Corporation | benef2 | +48.6 | -19 | -1.2 | -0.3 | +0.4 | -12.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is an out-licensing model that sells its proprietary ADC platform 'ConjuAll' — candidates and platform — to global pharma. The substance of revenue is milestones: LCB84 (Trop2) to Janssen (J&J) for up to $1.72bn in 2023, LCB97 (L1CAM) plus platform to Ono for $700m in 2024, and with CStone, Fosun and Amgen the disclosed cumulative milestones reach about KRW 9.4tn — upfronts are small and most is contingent on clinical stages, so results are option value levered to partners' clinical progress. R&D runs at 153% of revenue (KRW 217.1bn in 2025), a net-investment structure, with ADC development contracted to Samsung Biologics and target antibodies in-licensed from multiple partners (Mediterranea, Elthera), sharing the chain externally. In 2024 the Orion Group (PAN Orion, 25.6%) became the largest shareholder, strengthening capital stability, and in 2025 it consolidated UK-based Iksuda; the risk is that milestone recognition hinges on clinical success and timing, with high quarterly volatility.
Analysis generated from returns as of 2026-07-10