Among recent highlights, SK Bioscience files for approval of recombinant protein COVID-19 vaccine GBP510, Hanmi Pharmaceutical’s Chinese subsidiary continues to report strong earnings, led by cold drug sales, while Yuhan’s novel peptide drug candidate for degenerative disc disease is set to move into a Phase III trial in the US.

South Korea had a milestone year in terms of domestic new drug approvals in 2021, with multiple major pharma firms gaining nods for their in-house developed products, including the country’s first COVID-19 therapeutic, from Celltrion.

Weak broader stock market sentiment, topped with negative biotech industry news, weighs on Korean bioventure IPOs in the first quarter, with unicorn Voronoi withdrawing its IPO plan. But VC financing in the sector remains steady.

The company announced positive data for I/Ontak, a reformulated version of the cutaneous T-cell lymphoma drug Ontak and aims to submit for approval later in 2022.