Korean healthcare company Handok said on Monday it has made an equity investment of $5 million for a 10 percent stake in TRIGR Therapeutics, a U.S. biotech startup engaged in development of dual antibody drugs.

TRIGR Therapeutics founded in April 2018 has an NRDO (no research development only) business model and is jointly developing four dual-antibody-based new drugs transferred from ABL Bio, a Korean biotech company.

A cancer drug based on dual antibody technology is expected to show high efficacy and low toxicity by targeting immune cells and cancer cells at the same time, strengthening the immune cells that protect the body and attack cancer cells, according to Handok.

The investment is part of Handok’s open innovation process. TRIGR Therapeutics will gain speed in its clinical development with a focus on the early discovery of promising novel drug candidates, said Handok CEO Kim Young-jin, adding Handok is also open to cooperation with ABL Bio, which is working on a joint development project with TRIGR Therapeutics.

At 2:30 pm Monday, Handok shares fell 2.44 percent to trade at 32,000 won and ABL Bio shares gained 4.13 percent 30,250 won.

By Kim Byung-ho and Minu Kim

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