SEOUL -- Tera Science, a technology company based on core parts materials in South Korea, has become the largest shareholder of OncoPep, an American developer of targeted immunotherapeutics against cancer, by acquiring a 26.1 percent stake worth 24 billion won ($21.6 million).
Through the acquisition of shares in OncoPep, Tera Science said it is able to secure a new growth engine. "Tera Science has secured a new growth engine in bio businesses by becoming the largest shareholder of OncoPep with unique technology and competitiveness in the anti-cancer field," said CEO Lee Jong-seok.
Lee gave a solid assessment of OncoPep's proprietary core technology, saying PVX-410, an investigational cancer vaccine designed to stop disease progression in multiple myeloma, has "great potential." OncoPep's core technology was developed in the laboratory of Kenneth Anderson, a world leader in cancer treatment, at the Dana Farber Cancer Institute. The technology employs a unique combination of proprietary peptides to form a therapeutic cancer vaccine.
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