First Read: LigaChem Biosciences "Takeaways from the 2026 Global R&D Day" (Buy)

研报英文原文证据摘录

First Read: LigaChem Biosciences "Takeaways from the 2026 Global R&D Day" (Buy)

Global Research

8 July 2026ab

First Read

EquitiesLigaChem Biosciences

Takeaways from the 2026 Global R&D Day Korea

Biotechnology

12-month rating Buy

Payload differentiation continues to be core to R&D strategy

LCB hosted its 2026 Global R&D Day in Seoul on 8 July, where management shared 12m price target Won230,000

latest updates on the R&D and BD strategy. A key theme throughout the event today

was ADC payload differentiation; LCB continues to view the ADC development space as

Price (08 Jul 2026) Won120,400

saturated with Topo-1 payload assets and sees better opportunity targeting patients

showing resistance to these treatments. Whilst this is consistent with the original RIC: 141080.KQ BBG: 141080 KS

strategy that had been shared in last year's event, LCB laid out more details on its novel Trading data and key metrics

payload initiatives, including: 1) non-CPT (non-camptothecin) Topo-1 inhibitors, 2) PBD

52-wk range Won213,500-116,500

prodrugs with linker-based TI improvement, and 3) new mechanism-of-action payloads

Market cap. Won4,403b/US$2.93b

(e.g. protein degraders). Discussions today were less focused on MMAF/MMAE payloads

Shares o/s 36.6m (ORD)

currently being used in LCB's core HER2/TROP2 programs; we think this may indicate a

strategic pivot away from legacy microtubules in the longer term as competition for Free float 63%

novel assets intensifies. Separately, LCB views the stability of its proprietary beta- Avg. daily volume ('000) 449

glucuronidase linker helps lower systematic toxicity and improve the therapeutic index Avg. daily value (m) Won73,327

of its pipelines using higher potency payloads, while antibodies will continue to be Common s/h equity (12/26E) Won534b