Duol Industry Acquires OncoQuest Assets... "Expecting Korea's First FDA Cancer Drug"

[Asia Economy Reporter Jang Hyowon] Duol Industry will acquire key assets, including the proprietary technology of Canadian immuno-oncology drug developer OncoQuest.

According to the electronic disclosure by the Financial Supervisory Service on the 21st, Duol Industry announced that it will acquire OncoQuest assets valued at $300 million (approximately 365 billion KRW).

The assets to be transferred include ▲ OncoQuest's proprietary technology for immuno-oncology treatment ▲ clinical programs such as Oregovomab ▲ major research contracts ▲ more than 11 intellectual property rights ▲ and all other products and research and development (R&D) materials. Essentially, all assets will be transferred to Duol Industry.

Duol Industry plans to offset the $300 million acquisition price for OncoQuest through a paid-in capital increase, convertible bonds (CB), and the disposal price of existing OncoQuest shares. Once payment is completed by December 31, OncoQuest will become the largest shareholder holding 46.4% of Duol Industry's shares.

OncoQuest is a drug development company spun off in 2015 from the Canadian listed company QuestPharmaTech. It is developing immunotherapy antibody-based products applicable to ovarian cancer, pancreatic cancer, breast cancer, and others.

The first-line drug for ovarian cancer has completed Phase 2 clinical trials, and the drug for ovarian cancer recurrence has completed Phase 1 trials. Pancreatic cancer-related products are undergoing Phase 1 and 2 clinical trials simultaneously. The breast cancer treatment is preparing for Phase 1 clinical trials after preclinical studies.

Among them, the most anticipated treatment is the ovarian cancer drug ‘Oregovomab’. Oregovomab has signed a business cooperation contract with the clinical research organization (CRO) IQVIA and plans to start Phase 3 clinical trials from the second quarter through discussions with the U.S. Food and Drug Administration (FDA).

Oregovomab showed promising data with a progression-free survival (PFS) of approximately 41.8 months in Phase 2 clinical trials conducted in the U.S. and Italy.

A Duol Industry official stated, “Considering OncoQuest’s outstanding Phase 2 clinical results, it raises expectations for the first FDA-approved anticancer new drug launch in Korea,” adding, “Duol Industry has secured new growth engines and has truly become a specialized new drug development company.”

This content was produced with the assistance of AI translation services.