Genexine, a company specializing in BioPROTAC platform technology for targeted protein degraders (TPD), said on Wednesday it is merging with EPD Biotherapeutics to strengthen its drug pipeline and recruit researchers skilled in proteolysis-targeting chimera (PROTAC) technology. 

Genexine said its board of directors resolved to merge with EPD Biotherapeutics in a small-cap merger during a meeting on Wednesday. Under the terms of agreement, the merger ratio is set at 1:6.1924079, with Genexine set to issue shares to existing EPD Biotherapeutics shareholders accordingly. The merger process is expected to be completed in October. 

Dr. Choi Jae-hyun, founder and CEO of EPD Biotherapeutics, who previously contributed to the development of monoclonal antibodies and PROTAC at Arvinas, will assume the role of Head of Research and Development at Genexine, leading the EPD Biotherapeutics research team following the merger.

Upon receiving shareholder approval, Genexine will operate under a dual leadership structure. Dr. Choi will oversee R&D and clinical development, while Hong Sung-june, CEO of Genexine, will be responsible for business development and management.

Hong emphasized the merger's value, and said, "Through this merger, Genexine gains critical expertise in innovative technologies to lead the global market and enhances our pipeline with advancements in BioPROTAC technology."

He further expressed the company's commitment to pioneering new drugs by “combining EPD Biotherapeutics’ expertise with Genexine's strengths in clinical and CMC development."