NKGen Biotech Expands Strategic Capabilities Through Full Acquisition Of NKMax, Including Manufacturing And IP Assets

NKGen Biotech, Inc., a clinical-stage biotechnology company developing autologous and allogeneic natural killer (NK) cell therapeutics, announced the successful acquisition of a majority equity stake in NKMax Co., Ltd., a Korean biotechnology company that had entered bankruptcy. This transaction provides NKGen with full control over NKMax’s global manufacturing infrastructure, intellectual property, and exclusive commercialization rights, positioning the company as an independent and vertically integrated leader in NK cell therapeutics.

The acquisition represents the culmination of a multi-year journey for NKGen, which was originally founded as a subsidiary of NKMax in 2017. While NKGen initially benefited from financial support from NKMax, challenges began after NKGen went public in the U.S. in October 2023 with a $25 million backstop commitment from its parent. NKMax ultimately contributed only $10 million, which led to financial strain. Following the suspension of NKMax’s shares on the KOSDAQ exchange and its subsequent bankruptcy in 2024, NKGen also faced difficulties, including delisting from Nasdaq.

In response, NKGen’s leadership secured financial backing from AlpineBrook Capital GP 1 Limited, which provided the majority of the $17 million used to purchase NKMax shares. The funding was contributed by AlpineBrook and NKGen’s CEO, Dr. Paul Y. Song, with final terms to be disclosed later. This capital infusion has allowed NKGen to stabilize operations and secure full ownership of NKMax’s assets, laying the foundation for long-term growth and global expansion.

Dr. Song described the acquisition as a turning point for NKGen, highlighting the company’s resilience through past financial and operational challenges. He noted that full integration of NKMax’s resources and removal of uncertainties tied to its former parent company have already begun to attract renewed investor interest. He also emphasized that this transaction will enable NKGen to accelerate its expansion in Asia and the Middle East.

Looking forward, NKGen is focused on advancing its lead therapeutic candidate, troculeucel, which has received FDA Fast Track designation for Alzheimer’s disease. Early results from clinical studies have shown promise, with more than 90% of treated patients demonstrating either slowed disease progression or cognitive improvement. Enrollment in a double-blind randomized Phase 2 trial for moderate-stage Alzheimer’s is ongoing, and the company expects clinical and biomarker data to further support development.

With strengthened infrastructure, ownership of key IP, and expanded financial support, NKGen believes it is well-positioned to advance its NK cell therapy pipeline, accelerate clinical trials, and establish new partnerships worldwide. The company aims to deliver transformative therapies to patients while creating long-term value for stakeholders.