Daewoong Pharmaceutical and venture capital fund FreeMind Investment (FMI), established by the FreeMind Group, have made a strategic investment in U.S.-based biotech General Proximity, signaling a push to expand global collaboration and secure next-generation drug development technologies.
Daewoong said Thursday that the investment is aimed at leveraging “induced proximity,” an emerging therapeutic approach gaining traction as a new paradigm in drug discovery. The technology works by deliberately bringing a disease-related protein into close proximity with a protein that can regulate it, thereby modulating its function.
Daewoong Pharmaceutical headquarters in Samseong-dong, southern Seoul (Courtesy of Daewoong Pharmaceutical)
Unlike conventional drug development, which requires designing molecules that precisely fit specific binding sites on target proteins, induced proximity links a target protein with a regulatory protein. This enables control over protein function without relying solely on traditional binding mechanisms. As a result, the approach is expected to significantly broaden the scope of treatable diseases, including so-called “undruggable” targets that have been difficult to address with existing methods.
Founded in 2019, General Proximity has developed a platform for discovering induced-proximity therapeutics using its proprietary “effectome” scanning technology. By selectively inducing protein interactions, the platform enables precise modulation of protein function and expands research into previously inaccessible target areas. The company is advancing pipelines across oncology, cardiovascular, metabolic, and neurodegenerative disorders.
General Proximity has also gained industry recognition, receiving “Golden Ticket” awards from global pharmaceutical companies including AbbVie, Astellas Pharma, Ono Pharmaceutical, and Bristol Myers Squibb. These awards support promising startups in advancing early-stage research concepts into clinical development. The company has also secured research funding from U.S. government agencies, including ARPA-H and the National Cancer Institute. Last year, it further expanded its global partnerships by signing a co-research agreement with Daiichi Sankyo to develop oncology therapeutics.
Through this investment, Daewoong and FMI plan to establish a strategic partnership with General Proximity and explore mid- to long-term collaboration opportunities, including joint research and technology development. The companies aim to evaluate the potential of induced proximity-based platforms to develop innovative therapies and strengthen their competitiveness in the global market.
“General Proximity’s induced proximity technology represents an innovative approach that can overcome the limitations of traditional drug development and holds strong strategic value,” said Park Seong-soo, CEO of Daewoong Pharmaceutical. “We will continue to build a robust partnership to drive the development of breakthrough medicines.”
The investment goes beyond financial backing, reflecting a dual objective of securing next-generation drug development capabilities while expanding a global collaboration network. Daewoong Pharmaceutical said it plans to continue stepping up its strategic investments in promising biotech companies.
Lee Han-soo
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