SynCore Business Summary

SynCore Biotechnology Co., Ltd. (4192.TWO) is a Taiwan-based biopharmaceutical company that operates through a hybrid revenue model encompassing new drug R&D, product licensing, and the commercial sale of healthcare products. The company’s primary business segments are focused on oncology, dermatology, and ophthalmology, with a strategic emphasis on late-stage clinical development. Its flagship asset, SB05 (EndoTAG®-1), is a cationic liposomal formulation of paclitaxel currently in Phase III trials for pancreatic cancer, particularly as a first-line treatment in the Chinese market. Revenue is augmented by the sale of commercialized products such as the genital wart treatment Veregen® and the CysLute EX healthy food line. Within the Taiwanese biotech landscape, SynCore competes directly with firms like Lumosa Therapeutics, Foresee Pharmaceuticals, and Formosa Pharmaceuticals; it distinguishes itself through its deep integration with the Sinphar Group’s manufacturing infrastructure and its focus on high-unmet-need oncology indications. Leadership is anchored by Founder and Chairman Chih-Wen Lee, a prominent figure in the Taiwanese pharmaceutical industry who also founded the parent Sinphar Group in 1977. The executive team is led by General Manager Dr. Muh-Hwan Su, who has served in the role since 2013 and brings extensive expertise in pharmaceutical dosage forms and transdermal delivery systems from his previous tenure as CSO of Sinphar and as an Associate Professor at the National Defense Medical Center. Key project oversight for the oncology pipeline is managed by Hui-Hung Wang, a veteran of Sinphar’s chairman’s office. The company was co-founded by the Sinphar Group and the National Health Research Institute (NHRI), with Sinphar remaining a dominant strategic investor and board presence, ensuring a stable capital base and access to global distribution networks.