AMC Science, the drug development affiliate of HD Hyundai Group, is moving to develop antibody-drug conjugates, a class of targeted cancer therapies. The push puts HD Hyundai Group into a race already joined by the biotech arms of Samsung, LG and Celltrion (068270).
AMC Science is hiring staff to design and evaluate ADC drug candidates, according to industry sources on the 15th. It is the first time the company has specified a mechanism of action for cancer treatment since its launch in 2024, suggesting a full-scale move into ADC development. ADCs are a next-generation cancer technology that links an antibody recognizing a specific target to a cell-killing drug, known as a payload, through a linker, allowing selective attacks on cancer cells.
AMC Science was established in 2024 as a subsidiary of HD Korea Shipbuilding & Offshore Engineering (009540), the intermediate holding company for HD Hyundai Group's shipbuilding business. HD Korea Shipbuilding & Offshore Engineering and the Asan Foundation hold 84.4% and 15.6% stakes, respectively. The company is pursuing drug development on the back of funding from HD Hyundai Group and the basic research capabilities of Asan Medical Center, which the Asan Foundation operates. Since its founding, it has raised a cumulative 64 billion won through rights offerings.
AMC Science plans to accelerate ADC development using its own antibody analysis technology. It holds technology that analyzes the characteristics of antibodies, a core component of ADCs, and identifies the binding site, or epitope, of the antigens they react with. Access to the clinical infrastructure of Asan Medical Center, the country's largest tertiary general hospital, is also cited as a strength. The Asan Foundation, which runs the hospital, is led by Chairman Chung Mong-joon, the father of HD Hyundai Chairman Chung Ki-sun. Last year, the company recruited Cho Ho-sung, former head of advanced development at Samsung Bioepis, where the executive oversaw research and business development for drug candidates including ADCs, as an outside director. "Development is still at an early stage, but we are proceeding with drug development while keeping ADCs open as one possibility," an AMC Science official said.
HD Hyundai Group is entering ADC development as deal values for ADC candidates surge on growing demand from global pharmaceutical companies. Major global ADC licensing deals totaled $12.1 billion in the first half of this year, up about 246% from $3.5 billion a year earlier, according to the Korea Drug Development Fund. Of the 1,084 drug pipelines held by the world's 10 largest pharmaceutical companies by research and development spending last year, 145, or 13.4%, were ADCs — the third-largest share after small-molecule compounds and monoclonal antibodies.
Other large Korean companies are also stepping up ADC development. Samsung Bioepis is running a Phase 1 trial of SBE303, an ADC cancer drug candidate being developed jointly with Intocell. Celltrion is conducting Phase 1 trials of three ADC candidates — CT-P70, CT-P71 and CT-P73. Those candidates are being developed mainly as treatments for solid tumors. LG Chem (051910) began early-stage research for ADC development last year. The companies share a common thread: extending antibody design capabilities built up through their biosimilar businesses into new drug development.
The global ADC market is projected to grow at an average annual rate of 21.5%, from $12 billion in 2024 to $57 billion in 2032, according to market research firm Evaluate Pharma.