Korean biotech company Adel has signed a technology transfer agreement with Sanofi for its Alzheimer's disease drug candidate ADEL-Y01, valued at up to 1.53 trillion won ($1.1 billion), marking one of the largest biotech deals by a domestic company this year.
The deal includes an upfront payment of $80 million (approximately 118 billion won), representing 7.7% of the total contract value—the highest upfront ratio among Korean biotech technology transfers this year. The agreement, signed during Phase 1b clinical trials, reflects the global pharmaceutical giant's strong confidence in the tau protein-targeting treatment.
Adel's next pipeline candidate, ADEL-Y04, targets the dementia-linked gene ApoE4 and is scheduled to begin non-clinical toxicity testing next year. The company is also preparing for a renewed IPO attempt and has drawn significant interest at the JP Morgan Healthcare Conference.
Game Industry Posts Record Results
Netmarble (251270.KQ) is projected to achieve record-high revenue of 2.79 trillion won on a consolidated basis this year, with operating profit surging more than 50% year-on-year to 347.1 billion won. Fourth-quarter revenue is expected to reach 739.1 billion won with operating profit of 103.8 billion won, up 13.9% and 194.5% respectively from the same period last year.
The turnaround has been driven by consecutive hits from self-developed IP titles including "RF Online Next" and "Vampyr." With eight new titles planned for next year and reduced in-app purchase fees, analysts suggest revenue could surpass 3 trillion won.
Hana Bank Pioneers AI in Corporate Lending
Hana Bank will become the first Korean financial institution to deploy a generative AI-based corporate credit assessment system starting January. The system will automatically analyze business reports and financial statements to draft preliminary assessment opinions, expected to reduce workload by 30%.
Parent company Hana Financial Group (086790.KS) is pursuing its "Hana Growth Together Project," committing 100 trillion won in investments through 2030.
Economic Outlook Faces Triple Headwinds
Korean experts forecast the won-dollar exchange rate will remain elevated in the upper 1,400 won range next year. The Bank of Korea warned that GDP growth could fall from 1.8% to 1.4% if the semiconductor sector weakens.
A survey showed 70% of experts predict GDP growth of 1.8% or higher, while 76% expect consumer prices to rise by 2.1% or more. The semiconductor industry's performance remains a key variable for investors amid high exchange rates and inflation.
Wall Street investment banks project U.S. economic growth at 2.0% next year, unchanged from this year. Major IBs anticipate two Fed rate cuts on average, contrary to the Fed's signal of a single cut. The number of U.S. rate cuts will be a crucial factor affecting foreign capital flows into Korean markets.
Economy May Have Bottomed in September
Analysis by the Korea Institute of Finance suggests the Korean economy entered an expansion phase around September after a 34-month contraction period beginning in November 2022—potentially the longest contraction on record, surpassing the previous 32-month record. The machine learning algorithm used in the analysis showed 91.5% prediction accuracy, signaling a potential opportunity to increase exposure to cyclical stocks.
