by Jang Hyowon
Published 07 Apr.2023 13:03(KST)
DXVX is strengthening its new drug development business by acquiring Avixgen, a company specializing in new drug development.
DXVX announced on the 7th that it will acquire approximately 63% of Avixgen's shares for 15.2 billion KRW.
Avixgen possesses various new drug development pipelines and next-generation cell tissue penetration delivery ACP (Advanced Cell-penetrating Peptide) platform technology. The ACP technology is a revolutionary improvement over conventional drug delivery technology (CPP), enhancing drug permeability, delivery, and solubility. Notably, it increases the permeability of the Blood Brain Barrier (BBB), which has been the biggest obstacle in developing treatments for brain diseases and has also been an issue in developing treatments for some metabolic diseases (such as diabetes and obesity).
Based on this new technology, Avixgen is currently conducting clinical trials on various pipelines including treatments for age-related macular degeneration, dry eye syndrome, and atopic dermatitis. For the macular degeneration injection, phase 1 clinical trials have been completed, and phase 2 trials are being prepared in collaboration with Seoul National University Hospital and Boramae Medical Center. For eye drops and atopic dermatitis, phase 1 clinical trials are being prepared with Asan Medical Center and Severance Hospital. For dry eye syndrome, phase 2a clinical trials are currently underway domestically with Bundang Seoul National University Hospital and Samsung Medical Center, and phase 2a clinical trials in the United States are planned for the end of this year.
Through the acquisition of Avixgen, DXVX plans to secure new pipelines and simultaneously enhance its own technological capabilities in new drug and vaccine development. Han Sung-jun, an expert in infectious disease vaccines and new drug development, has already joined as an executive director to oversee this business, and the company is continuously recruiting talent in related fields.
A DXVX representative stated, “Including the newly secured pipelines, we are considering conducting clinical trials in global markets such as the United States and China to enter the global market with our pipelines. We plan to advance Avixgen’s technology and commercialization, and at an appropriate time, pursue an IPO such as a technology-specialized listing.”
Since 2015, Avixgen has raised approximately 28 billion KRW in cumulative investments from institutional investors including LB Investment, Hyundai Technology Investment, HB Investment, and Renaissance Asset Management. In 2021, the company was valued at about 180 billion KRW during external fundraising.
Meanwhile, DXVX plans to promote production through the KHUB cluster in Pohang for commercialization following vaccine and new drug development.
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