ABL Bio, a South Korean antibody specialist, has secured a landmark $2.6 billion technology transfer and joint development agreement with global pharmaceutical giant Eli Lilly, followed by a strategic equity investment of 22 billion won ($180 million). The deals represent one of the largest biotechnology partnerships in Korean industry history and mark Eli Lilly's first strategic investment in a domestic Korean biotech company.
Historic Technology Transfer Agreement
The comprehensive agreement, announced on December 12th, encompasses joint research and development of ABL Bio's proprietary Grabbody platform technology. Under the terms, ABL Bio will receive $40 million in upfront payments within 10 business days following completion of administrative procedures, including approval under the U.S. Antitrust Improvement Act. The company stands to earn up to $2.56 billion in development, regulatory approval, and commercialization milestones, plus tiered royalties based on net product sales.
"This technology transfer contract is an example of reaffirming the Grabbody platform's commercialization potential and shows that the modality of Grabbody application continues to expand," said Sanghoon Lee, CEO of ABL Bio. The partnership will focus on developing multiple treatments across various therapeutic modalities using the Grabbody platform.
Strategic Equity Investment Strengthens Partnership
Following the technology transfer announcement, ABL Bio revealed on December 14th that Eli Lilly would acquire 175,079 shares of common stock at 125,900 won per share, totaling 22 billion won in strategic investment. The new shares will be protected for one year through the Korea Securities Depository, with payment occurring after completion of regulatory approvals.
An ABL Bio official emphasized the significance of the investment, stating: "Lily's strategic equity investment is the first investment made by global Big Pharma to domestic bio companies, and it is symbolic in that the reliability of cooperation has been further strengthened following the technology transfer contract."
Grabbody Platform and Clinical Pipeline
The Grabbody platform represents ABL Bio's core double antibody technology, which the company is leveraging across multiple clinical programs. ABL Bio currently operates several clinical pipelines including ABL301, ABL001, ABL111, and ABL503 across the United States, China, Australia, and Korea.
Notably, ABL001 has received fast-track designation from the FDA, while ABL111 demonstrated encouraging clinical data for nivolumab combination therapy at ESMOGI in 2025. The company plans to expand platform applications to areas with high unmet medical demand, particularly obesity and muscle diseases.
Investment in Core Technology Development
ABL Bio intends to utilize the strategic investment to advance research and development of core technologies, including the Grabbody platform and double antibody drug conjugate (ADC) development. The company expects the partnership to accelerate expansion of the Grabbody platform's therapeutic indications into new disease areas.
"Following the large-scale technology transfer with Lily, the strategic equity investment is an expression of trust in Grabbody technology," Lee stated. "We hope this cooperation will be a turning point in providing new treatment options to global patients."
Unprecedented Scale for Korean Biotech
The combined value of approximately 80 billion won from both agreements represents an unprecedented scale of foreign pharmaceutical investment in Korean biotechnology. The partnership structure, combining technology transfer with strategic equity investment, marks a departure from traditional licensing arrangements typically seen between global pharmaceutical companies and Korean biotech firms.
The deals position ABL Bio to accelerate development across multiple therapeutic areas while providing Eli Lilly access to the company's innovative double antibody platform technology for potential application across various disease indications.
