LigaChem Biosciences: Still awaiting progress on core TROP2 asset

研报英文原文证据摘录

LigaChem Biosciences: Still awaiting progress on core TROP2 asset

Global Research

29 July 2026ab

LigaChem Biosciences Equities

KoreaStill awaiting progress on core TROP2 asset

Biotechnology

12-month rating Buy

Competition within the TROP2 space is heating up

We think 2026 could be a pivotal year for TROP2 ADCs with multiple late-stage readouts 12m price target Won170,000

helping to define the treatment's clinical and commercial opportunity. Notably, we saw Prior : Won230,000

Merck/Kelun announce positive data for sac-TMT in both PD-1>1% and PD-1<1%

Price (29 Jul 2026) Won82,900

populations in 1L NSCLC, while AstraZeneca's AVANZAR study evaluating Datroway

(Dato-DXd) is also slated for readout in H2, though we note investor expectations RIC: 141080.KQ BBG: 141080 KS

appear somewhat mixed here. Competition is increasing among earlier-stage assets as

Trading data and key metrics

well, with Eli Lilly recently acquiring CrossBridge Bio and its preclinical TROP2 candidate,

52-wk range Won213,500-82,900

while several Chinese firms have trials in progress. Overall, we expect the TROP2

opportunity to expand as target validation strengthens, though this may raise the Market cap. Won3,032b/US$2.09b

competitive bar, increasing the need for later entrants' clear differentiation. Shares o/s 36.6m (ORD)

Free float 63%

Limited updates on LCB84 as yet Avg. daily volume ('000) 453

LCB also has a TROP2 ADC asset (LCB84) in its pipeline, out-licensed to JNJ in 2023 at a Avg. daily value (m) Won65,937.7

deal worth US$1.7bn and currently undergoing Ph-1/2 trials (NCT05941507). Given the Common s/h equity (12/26E) Won746b

target is relatively well-validated while BD with a global pharma is already secured, we P/BV (12/26E) 4.4x