(Courtesy of Curacle)
Curacle and MabTics have licensed a preclinical retinal disease antibody to U.S.-based Memento Medicines in a global deal worth up to $1.08 billion, giving the two Korean biotech companies an early win in one of the fastest-moving areas of eye-disease drug development.
The deal covers MT-103, a bispecific antibody designed for retinal diseases, including wet age-related macular degeneration and diabetic macular edema, two conditions that can cause vision loss by damaging blood vessels in the eye.
The agreement is worth up to $1.08 billion, including an $8 million upfront payment and milestones tied to development, regulatory approval, and commercialization, according to a regulatory filing by Curacle, a Kosdaq-listed drug developer focused on vascular diseases.
MabTics, its antibody-focused partner, was spun out of the Korea Research Institute of Bioscience and Biotechnology in 2022. Royalties are not included in the total.
The two companies will split the proceeds equally under their joint research agreement. Curacle’s share is worth up to $538.9 million, including a $4 million upfront payment, $41.1 million in development and regulatory milestones, and $493.8 million in commercial milestones.
Memento receives worldwide rights to MT-103, with the option to explore uses beyond retinal disease.
MT-103 is designed to block VEGF and Ang-2, two targets linked to abnormal blood vessel growth and leakage. It is also designed to directly activate Tie2, a receptor involved in maintaining blood vessel stability.
That puts MT-103 in a market long dominated by anti-VEGF drugs such as Regeneron and Bayer’s Eylea (aflibercept) and Roche and Novartis’ Lucentis (ranibizumab).
More recently, Roche’s Vabysmo (faricimab) has pushed the field toward bispecific antibodies, which aim to target multiple disease pathways simultaneously.
Curacle and MabTics said preclinical data showed MT-103 performed better than Eylea and a surrogate version of Vabysmo in reducing vascular leakage and abnormal blood vessel growth. The data were presented on May 3 at ARVO 2026 in Denver.
The companies began jointly developing MT-103 in July 2024.
Memento Medicines is a NewCo, a structure used in biotech to advance a specific drug asset with dedicated investor backing and a focused development team.
MabTics develops monoclonal antibodies, bispecific antibodies, and antibody-drug conjugates. Curacle owns a 19.5 percent stake in the company.
Kim Ji-hye
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