This article was released as Pharm Edaily Premium Content on October 26, 2026, at 8:00 AM.
[NA Eun-kyung, Edaily Reporter] South Korean biotech stocks with company-specific catalysts rallied Friday even as the Kosdaq pharmaceutical index fell for a second straight session.
G2GBio jumped 20.6% on expectations that a drug delivery partnership with China's UBT could eventually lead to cooperation with Novo Nordisk. Noul hit its daily price limit after announcing an investment from Jigu Holdings, while FutureChem surged on promising U.S. clinical trial results for its prostate cancer treatment.
G2GBio Rallies on UBT Deal, Potential Novo Link
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G2GBio closed at 49,700 won, up 20.6%, according to KG Zeroin's MP DOCTOR. The stock has gained 59.6% over five trading sessions from its Oct. 16 close, before the company disclosed a platform evaluation agreement with China's UBT on Oct. 19.
Under the agreement, UBT will assess G2GBio's InnoLAMP long-acting drug delivery platform for developing extended-release injectable formulations of its drug candidates. The evaluation period is limited to 12 months or the completion of the research, whichever comes first. Financial terms were not disclosed.
UBT, a wholly owned subsidiary of China's United Laboratories, developed UBT251, a triple agonist targeting GLP-1, GIP and glucagon receptors. In March 2025, UBT licensed the drug's development and commercialization rights outside Greater China to Novo Nordisk for $200 million upfront and up to $2 billion including milestone payments.
Although G2GBio has not identified the compound involved in its evaluation agreement, investors have speculated that it could be UBT251. Successful development of a long-acting formulation for Greater China could potentially open the door to broader cooperation with Novo Nordisk. Neither the compound's identity nor Novo Nordisk's involvement has been confirmed.
UBT251 has also attracted attention for its weight-loss efficacy. In a Chinese Phase 2 trial, patients receiving a 4-milligram dose achieved 19.7% weight loss after 24 weeks, compared with 17.5% for the 12-milligram group in a separate Phase 2 trial of Eli Lilly's retatrutide. The results are not directly comparable because the studies involved different patient populations and designs.
A G2GBio official said the company's high-loading technology and existing data could accelerate the evaluation process. The company is also discussing potential partnerships with other drugmakers.
Noul Hits Limit on Jigu Holdings Investment
Noul rose 29.96% to 1,670 won, reaching its daily price limit after announcing a 2.75 billion won ($1.9 million) private placement to Jigu Holdings.
The transaction involves 1.1 million new shares priced at 2,500 won each. Payment is scheduled for Nov. 9, and the shares will be subject to a one-year lockup. Upon completion, Jigu Holdings is expected to become Noul's largest shareholder.
Jigu Holdings is led by Lee Jae-woong, founder of South Korean internet company Daum. The investment holding company owns businesses including U2Bio, which operates in clinical diagnostics and medical information technology.
Noul expects the partnership to support its domestic expansion through potential cooperation with U2Bio's diagnostic laboratory network. The company said its existing management team would remain in place.
Financial concerns persist, however. Noul was designated a managed stock in August after its share price remained below 1,000 won for 30 consecutive trading sessions. It subsequently completed a 5-for-1 reverse stock split.
The company acknowledged that the investment would not fully eliminate its regulatory and financial risks. Its year-end financial performance, including losses before income taxes, remains a key factor in determining whether those risks can be resolved.
FutureChem Surges on U.S. Trial Data
FutureChem gained 26.7% to close at 8,770 won in regular trading before reaching the daily upper limit of 8,990 won in the Nextrade after-hours session.
The rally followed positive topline results from a U.S. Phase 2a trial of FC705, the company's experimental radiopharmaceutical treatment for metastatic castration-resistant prostate cancer.
The trial enrolled 20 patients previously treated with taxane-based chemotherapy. Patients received 100 millicuries of FC705 every eight weeks for up to six doses.
Among 18 patients with measurable tumors, seven achieved complete or partial responses, resulting in an objective response rate of 38.9% under RECIST 1.1 criteria. Five patients achieved complete responses.
FC705 targets prostate-specific membrane antigen, or PSMA, and delivers the radioactive isotope lutetium-177 to cancer cells. It uses half the radioactive dose of Novartis' Pluvicto, a leading treatment in the same class.
FutureChem must demonstrate that its lower-dose approach can deliver durable efficacy while potentially reducing side effects, including bone marrow suppression and kidney toxicity.
The topline disclosure did not include safety data, leaving important questions about the treatment's overall clinical profile.
FutureChem expects to obtain the final clinical study report by year-end and use the complete dataset to advance licensing discussions with global pharmaceutical companies.
The company also plans to release interim results from its South Korean Phase 3 trial next year, including measures related to progression-free survival.
