BMS Korea backs two startups developing Parkinson’s treatments

[Financial News] BMS Korea has selected Yep Bio and Ibis Bio as the winners of the 2026 Seoul-BMS Innovation Square Challenge, which it runs jointly with the Seoul Metropolitan Government and Seoul Bio Hub.
According to BMS Korea on the 20th, a record 82 companies applied for this year’s program. After screening, two companies pursuing new drug development in neuroscience were ultimately selected.
Yep Bio is developing an oral treatment targeting PARIS (ZNF746), a protein associated with Parkinson’s disease. It has received approval from the Ministry of Food and Drug Safety for its Phase 1 clinical trial plan and is also pursuing a patient-selection strategy using blood biomarkers. The review evaluated its therapeutic approach using a novel target and the potential to expand into other diseases.
Ibis Bio is developing a Parkinson’s treatment based on molecular glue degrader technology. Its distinguishing feature is a dual mechanism of action that reduces alpha-synuclein protein aggregation and suppresses neuroinflammation. The company is also developing a new cancer drug targeting the PLK1 protein.
BMS Korea and the Seoul Metropolitan Government will provide the two companies with research grants totaling 80 million won, or 40 million won per company. They will also have the opportunity to join Seoul Bio Hub and receive one year of mentoring from research and development (R&D) and business development experts at BMS’s global headquarters.
The Seoul-BMS Innovation Square Challenge was launched based on a letter of intent for cooperation signed in 2022 by BMS Korea, the Seoul Metropolitan Government and Seoul Bio Hub. Its aim is to identify innovative technologies from domestic biotech startups and help advance them toward global drug development and commercialization.
A total of 10 domestic startups have been selected over the past five years. The eight companies selected previously have attracted at least 350 billion won in cumulative follow-on investment and have achieved results such as conducting joint research with pharmaceutical companies in Korea and abroad or entering overseas clinical trials.
BMS Korea CEO Lee Hye-young said, “The selected companies are growing through follow-on investment, joint research and entry into overseas clinical trials, and domestic innovations are delivering results by advancing global drug development. Through cooperation with domestic institutions, we will continue to broaden the foundation for promising technologies to expand overseas.”

[email protected] Jung Sang-hee Reporter