Targeted Protein Degradation Biotech Fund Realizes 200 Billion Won Profit Linked to Board

On June 26, a BVF Partners–affiliated fund, Kymera Therapeutics’ largest shareholder, sold shares in the open market at approximately $106.50 per share. Contrary to earlier reports of a roughly $16 million disposal, the transaction amounted to about $175.7 million, enabling the fund to realize partial gains of around KRW 230 billion. After the sale, the fund still holds about a 6 percent stake, retains its board‐nominated director seat, and confirmed that all economic benefits from its option awards continue to flow to the fund.

On June 29, Atlas‐affiliated venture funds managed by Bruce Booth executed a Rule 10b5‐1 trading plan, disposing of roughly 30,000 shares in tranches at prices between $108 and $111 per share. The total proceeds came to about $3.55 million (approximately KRW 5 billion). Public filings show the fund still maintains an indirect holding of several hundred thousand shares.

Meanwhile, Kymera has completed patient enrollment in its Phase 2b BROADEN2 trial of KT-621, its atopic dermatitis candidate, approximately six months ahead of schedule. In response, several brokerages raised their price targets and offered positive assessments of the trial’s progress. Earlier this year, the company launched an at-the-market equity program of up to $500 million (about KRW 650 billion) and secured FDA Fast Track designation for KT-621 in both asthma and atopic dermatitis indications—underscoring its dual focus on fundraising and pipeline advancement.

Kymera is a clinical-stage biotech leveraging targeted protein degradation to develop small-molecule therapies for inflammatory, autoimmune and oncologic indications. Its pipeline includes multiple candidates against targets such as STAT6, IRF5, IRAK4 and CDK2. Targeted protein degradation—using the cell’s own disposal machinery to eliminate otherwise “undruggable” proteins—is emerging as a next-generation modality in the global pharmaceutical and biotech industries.