Handok Inc. and Genexine announced on Jan. 8 that they have become the largest shareholder of Rezolute Inc., a U.S. biotech company, by jointly acquiring a 54 percent stake for US$25 million.
This investment is part of open innovation being pursued by the two Korean companies. Through this joint investment, Handok and Genexine can secure Rezolute’s expertise in developing biopharmaceuticals and build a bridgehead for entry into the U.S. market.
Established in 2010, Rezolute is focused on the development of innovative therapeutic products for rare metabolic diseases. Currently, the company is preparing phase 2b clinical trials on a treatment for extremely rare disease congenital hyperinsulinemia in the United States and Europe.
In addition, it is undertaking a preclinical toxicity test of plasma Kallikrein inhibitors for the treatment of diabetic macular edema and phase 1 clinical trials of one-week dosage form-based insulin injections.
Handok CEO Kim Young-jin said, "Rezolute is a biotech company with great potential for growth, and there are many areas where it can cooperate with Handok and Genexine. In particular, its experience in the development of growth hormones will be highly helpful in accelerating the global phase 3 clinical trials on long-acting growth hormone GX-H9, which is being jointly developed Handok and Genexine."