Recent sizable out-licensing deals with global big pharma firms are raising hopes of a recovery in Korean biopharma alliances and also point to possible changes in deal structures towards international norms.

As Korean firms report quarterly earnings, Hanmi is stepping up the development of obesity drugs, Daewoong unveils plans to boost sales of in-house new drugs, GC Biopharma’s immunoglobulin undergoes the US approval process and Ildong has set up a new R&D-focused subsidiary.

Public Company Edition: Lexeo raised $100m to advance its genetic medicines. Also, Blue Owl Capital acquired funds managed by Cowen Healthcare Investments, gaining about $1bn in life science assets, BMS priced $4.5bn in notes to fund its Mirati purchase and Viridian raised $185m in a private placement.

Japan’s largest biopharma R&D hub has been in active discussions with Korean bioventures for possible collaboration in the cell and gene therapy area. The idea, also backed by the Korean government, started with a paradigm shift during the pandemic.