What HLB Group does

HLB Group (KOSPI: 028300) is a publicly listed Korean holding company founded in 1985, headquartered in Sejong City with major offices in Seoul. The group has executed a multi-year strategic pivot away from traditional industrial businesses (it spun off its shipbuilding division in April 2023) and is now organized around five segments: pharmaceutical and biotechnology, healthcare, semiconductor/energy, lifestyle, and venture investment. Across roughly 25 subsidiaries, its commercial footprint spans South Korea, China, Japan, the United States (Salt Lake City via LSK BioPharma), the broader GCC, and selected European markets.

The core pharmaceutical franchise targets solid-tumor oncology through two differentiated mechanisms. Rivoceranib is a small-molecule VEGFR-2 tyrosine kinase inhibitor licensed to Jiangsu Hengrui Medicine for China (where it was approved as first-line hepatocellular carcinoma treatment in January 2023) and held globally by HLB's US subsidiary Elevar Therapeutics, which submitted an NDA to the FDA in May 2023. Lirafugratinib is a selective FGFR2 inhibitor under FDA Priority Review (PDUFA September 27, 2026) for second-line cholangiocarcinoma, with Phase 1/2 data showing a 46.5% objective response rate. Beyond small molecules, HLB operates two platform technologies through dedicated US subsidiaries: the KIR-CAR platform (Verismo Therapeutics) for next-generation CAR-T therapy in solid tumors and B-cell NHL, and the UNITE platform (Immunomic Therapeutics) combining LAMP-fused antigens with self-amplifying RNA for vaccine immunotherapy, including the ITI-9001 Japanese cedar pollen allergy vaccine that received Japan Phase 1 approval in 2026.

HLB monetizes through a hybrid model: high-margin licensing royalties from Hengrui on Rivoceranib China sales (KRW 94 billion in a first royalty tranche), direct commercialization via Elevar Therapeutics in the US and global markets, regional distribution partnerships (Taiba Pharma for MENA, Inceptua for Europe), and adjacent healthcare revenues from HLB Panagene diagnostics, HLB Therapeutics (rare eye disease), and HLB Pep (peptide APIs). Q1 2022 revenue reached KRW 630 billion (~$450M) with KRW 189 billion operating profit, reflecting a one-time royalty catch-up. The group has been actively institutionalizing its commercial readiness, recruiting former FDA officials to lead Elevar's NDA preparation and securing a 5.01% BlackRock stake in February 2026.

Name

HLB Group

Legal name

HLB CO.,LTD.

Website

https://hlbkorea.com

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

101–250 employees

Short description

HLB Group (KOSPI: 028300) is a Korean biopharmaceutical holding company developing targeted anticancer drugs (Rivoceranib, Lirafugratinib), CAR-T cell therapies via the KIR-CAR platform, and LAMP-based vaccine immunotherapy, serving solid-tumor oncology and allergy patients globally through Elevar, Verismo, and Immunomic Therapeutics.

Ownership category

akta.pro rank

Headquarters

HQ city

Ulsan

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Licensing Royalties: HLB receives royalty payments from Jiangsu Hengrui Medicine for Rivoceranib (apatinib) sales in China. The company received approximately 94 billion KRW (5000 million yuan) in first royalty payment based on sales performance.
2. Healthcare/Biopharmaceutical Sales: Revenue from pharmaceutical products including diagnostics, medical devices, and healthcare products through subsidiaries like HLB Healthcare, FA acquisition for in vitro diagnostics.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

HLB Group is a South Korea-based biopharmaceutical company that develops and commercializes targeted anticancer drugs and cell/vaccine immunotherapies. Its core assets include Rivoceranib (a VEGFR-2 inhibitor for solid tumors) and Lirafugratinib (an FGFR2 inhibitor for cholangiocarcinoma), supported by proprietary KIR-CAR and UNITE platforms. The company also provides cancer diagnostics through HLB Panagene and biopharmaceutical/healthcare products through multiple subsidiaries.

Product overview

HLB Group is a Korean biotechnology and pharmaceutical company that develops a portfolio of targeted anticancer drugs and advanced therapies. The core product portfolio includes Rivoceranib (Best-in-class VEGFR-2 targeted therapy) and Lirafugratinib (FGFR2 inhibitor for cholangiocarcinoma under FDA priority review), both managed through US subsidiary Elevar Therapeutics. The company operates the KIR-CAR platform (via Verismo Therapeutics) and UNITE immunotherapy platform (via Immunomic Therapeutics) for CAR-T and vaccine development. HLB Group encompasses multiple subsidiaries across pharmaceutical, healthcare, and life sciences sectors including HLB Panagene (cancer diagnostics), HLB Therapeutics (rare eye diseases), HLB Life Sciences, HLB Pharma, HLB Pep, HLB Genex, HLB Cell, and HLB Innovation (venture investment). The group also maintains healthcare, marine/shipbuilding, semiconductor/energy, and lifestyle business divisions.

Differentiator

Problem solved

Functional benefit

Brands

• Rivoceranib: Best-in-class targeted therapy for unmet medical needs in cancer treatment
• myPicoling
• HLB Myokine Research Institute
• Inner Thoughts (이너생각)

Products and services

• Rivoceranib (Apatinib) Best-in-class targeted anticancer drug and selective VEGFR-2 inhibitor for treatment of solid tumors including liver cancer, gastric cancer, lung cancer, and cholangiocarcinoma. Licensed to Jiangsu Hengrui Medicine for the China market; global ex-China rights held by HLB through Elevar Therapeutics.
• Lirafugratinib FGFR2 selective inhibitor for the treatment of cholangiocarcinoma with FGFR2 fusion or rearrangement. Demonstrated a 46.5% objective response rate in Phase 1/2 trials.
• CAR-T Cell Therapies (SynKIR-110 and SynKIR-310) Chimeric Antigen Receptor T-cell therapies including SynKIR-110 for solid tumors and SynKIR-310 for B cell non-Hodgkin lymphoma, developed through the proprietary KIR-CAR platform technology.
• UNITE Platform Immunotherapy Vaccines Immunotherapy vaccine platform combining antigens with lysosome-associated membrane proteins (LAMP) to enhance antigen presentation. Lead vaccine candidate ITI-9001 targets Japanese cedar pollen allergy; ITI-3000 targets Merkel cell carcinoma (FDA Fast Track Designation).
• HLB Panagene Cancer Diagnostics Cancer biomarker molecular diagnostics and immunodiagnostics products, including respiratory and cardiovascular tests, distributed across GCC markets and Europe.
• Apealea (Paclitaxel Micellar) Ovarian cancer treatment (paclitaxel micellar formulation) commercialized by Elevar Therapeutics through regional distribution partners in the MENA and European markets.
• HLB Therapeutics Rare Eye Disease Treatments Subsidiary focused on rare eye disease treatments, including Neovascular Keratopathy (NK) treatment currently in global Phase 3 trials.
• HLB Healthcare Products and Services Healthcare business division providing healthcare services, diagnostics, and medical device products through HLB Healthcare.
• HLB Life Sciences Biopharmaceutical Products Life sciences division providing biopharmaceutical products and healthcare solutions, including the myPicoling blood glucose management platform.
• HLB Pharma Pharmaceutical Products Pharmaceutical products and services division providing pharmaceutical products.
• HLB Pep Peptide Pharmaceuticals Peptide pharmaceutical ingredients business with expansion into obesity treatment drug development.
• HLB Genex Enzyme Biohealthcare Materials Enzyme technology-based biohealthcare material solutions business, including HLB Neurotobe for brain disease drug development.
• HLB Cell Therapy Products Cell therapy and related biotechnology products division.

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered core, major and minor.

• Verismo TherapeuticscoreStrategic or Co-development Partner · 15 April 2026HLB Innovation invested $28 million in Verismo Therapeutics to advance Phase 1 clinical trials of KIR-CAR therapy candidates SynKIR-110 for solid tumors and SynKIR-310 for B cell non-Hodgkin lymphoma. This funding precedes the first-ever presentation of KIR-CAR clinical data at AACR 2026.
• FDA Execs (Jung Seho, Chang Seonghoon)coreOthers · 15 March 2022Elevar Therapeutics recruited former FDA officials Jung Seho (CEO) and Chang Seonghoon (COO) to accelerate NDA preparation and regulatory approval processes.
• GtreeBNTmajorStrategic or Co-development Partner · 27 September 2021HLB Group acquired GtreeBNT for approximately 90 billion won (~$80 million) to accelerate clinical trials and expand vaccine distribution capabilities. GtreeBNT was RegeneRx Biopharmaceuticals' licensee.
• Kate McKinleycoreOthers · 20 July 2021Elevar Therapeutics appointed Kate McKinley as new CEO, bringing pharmaceutical marketing expertise to lead commercialization efforts.
• InceptuamajorChannel Partner/ Reseller/ Distributor · 28 December 2020Elevar Therapeutics signed a licensing agreement with Inceptua for European sales and supply of ovarian cancer treatment Apealea.
• Taiba PharmamajorChannel Partner/ Reseller/ Distributor · 5 October 2020Elevar Therapeutics partnered with Taiba Pharma for exclusive distribution of ovarian cancer treatment Apealea (paclitaxel micellar) in the Middle East and North Africa (MENA) region.
• Replicate BioscienceminorStrategic or Co-development Partner · 25 June 2020Immunomic Therapeutics entered joint development agreement with Replicate Bioscience for cancer immunotherapy candidates.
• Mark GelderminorOthers · 26 May 2020Elevar recruited Mark Gelder as VP of Medical Affairs to accelerate global clinical trials and market launch of rivoceranib.
• Neopharma (B.R. Shetty)majorStrategic or Co-development PartnerHLB and LSKB entered strategic partnership with UAE-based Neopharma (part of NMC Healthcare) for development and commercialization partnerships. MOU signed July 2019.

Scale indicators5 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• BeiGene: Global oncology-focused biotech with multiple approved targeted therapies (Brukinsa, Tevimbra) and parallel strategy of developing drugs for the Chinese market while pursuing ex-China approvals. Closely comparable to HLB's model of developing oncology assets in Asia and globalizing through US/EU regulatory pathways.
• Yuhan Corporation: Korean pharmaceutical company with oncology and specialty pharma operations including licensing partnerships. Comparable Korean domestic peer to HLB in pharmaceutical development scale and business model.
• Innovent Biologics: Chinese biopharmaceutical company with multiple approved oncology biologics (sintilimab, etc.) and global partnership model. Comparable to HLB as a Chinese-market-rooted oncology developer with international regulatory ambitions.
• HUTCHMED: Hong Kong and US-listed oncology-focused biopharma developing targeted therapies including surufatinib and fruquintinib, with parallel China commercialization and global ex-China partnerships (Takeda, Eli Lilly). Highly comparable model to HLB's Rivoceranib franchise with Jiangsu Hengrui.
• Jiangsu Hengrui Medicine: China's largest pharmaceutical company and HLB's licensing partner for Rivoceranib in China. Comparable as a major oncology drug developer and manufacturer with established global commercial reach, and a direct counterparty/peer in the apatinib value chain.
• Hanmi Pharmaceutical: Major Korean pharmaceutical company with oncology and specialty pharma franchises and a similar model of developing and licensing out targeted therapies. Most direct Korean domestic peer to HLB's pharmaceutical business.

Broad incumbents

• AstraZeneca: Global oncology leader with broad targeted therapy and immuno-oncology portfolio (Tagrisso, Imfinzi, Enhertu). Comparable to HLB's Rivoceranib business as a major oncology player in liver and biliary tract cancer indications.
• Gilead Sciences: Owns Kite Pharma, a CAR-T market leader (Yescarta, Tecartus), and a major oncology player. Direct competitive incumbent in the CAR-T space where HLB's KIR-CAR platform is positioned, with overlapping solid tumor and hematologic malignancy ambitions.
• Novartis: Pioneer of CAR-T therapy (Kymriah, the first FDA-approved CAR-T) and a global oncology leader with broad targeted therapy portfolio. Comparable as a benchmark CAR-T competitor and global oncology incumbent whose commercial infrastructure sets the standard HLB's Elevar must compete against.
• Bristol-Myers Squibb: Global oncology incumbent with leading CAR-T franchises (Breyanzi, Abecma) and broad targeted therapy portfolio. Comparable as a competing player in the same oncology and CAR-T markets HLB is targeting through KIR-CAR, but with much broader scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/hlbgroupkorea

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries26 records

Funding overview

Funding rounds

Investors

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M&A4 records

Investments9 records

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Frequently asked questions about HLB Group