KOAS acquires Novelty Nobility to enter biopharma sector

Office furniture maker KOAS is making a full-fledged entry into the pharmaceutical and biotechnology sector with the acquisition of antibody drug developer Novelty Nobility.

KOAS said Sunday it will acquire 2.44 million shares, or a 14.3 percent stake, in Novelty for about 15 billion won ($10.9 million) on Sept. 8, becoming the company’s largest shareholder. Including funds raised from institutional investors, KOAS has committed a total investment of 50 billion won. The deal effectively makes Novelty a subsidiary of KOAS.

In March, KOAS also co-invested 5 billion won in HLB PEP (formerly Anigen), signaling growing interest in the biopharma field.

Founded in 2017 by Ajou University Professor Park Sang-kyu, Novelty specializes in antibody platform technologies and is developing next-generation pipelines in autoimmune diseases, oncology, and ophthalmology. Its pipeline includes the chronic urticaria and allergy therapy NN2802, retinal disease therapy NN4101, and anticancer candidates NN3201 and NN3206. The two oncology candidates were selected in April for Johnson & Johnson’s global incubator network JLABS, highlighting their technological potential.

NN2802, a C-Kit–targeting antibody therapy, has completed a Phase 1a clinical trial with the U.S. Food and Drug Administration and is currently in Phase 1b/2a, aiming to become best-in-class in treating chronic spontaneous urticaria. NN4101 is under development as a first-in-class therapy for retinal diseases.

The allergy drug was previously licensed out to ValenzaBio in 2022 in a deal valued at about 880 billion won, but the rights were returned earlier this year following the partner’s restructuring. KOAS noted that if Phase 2a trials proceed by mid-2025, a larger-scale licensing deal could be possible.

Novelty is also targeting 2026 for global licensing-out of its key pipelines, seeking both near-term monetization and long-term collaboration opportunities with global pharmaceutical companies.

“The U.S. trial was delayed due to restructuring issues at our partner company, and at Novelty’s request we received the technology back for breach of contract,” said a KOAS official. “If Phase 2a trials with the FDA proceed by mid-2025, a larger-scale licensing deal will be possible.”

Novelty had also filed a preliminary review in January for a KOSDAQ technology-special listing but voluntarily withdrew the application in June. The company continues to target 2026 for global licensing-out of its key pipelines.