-- Global biotechnology leader with deep cross-border development and capital markets expertise appointed Chief Executive Officer --
-- Company built by MPM BioImpact to identify and advance transformative innovation from around the world --
-- $50 million seed financing completed to support development of a growing portfolio of first- and best-in-class therapeutic candidates --

BOSTON and SINGAPORE, Aug. 11, 2026 (GLOBE NEWSWIRE) -- K2 Therapeutics (K2), a biotechnology company built for global impact, today announced the appointment of Dr. Ying Huang as Chief Executive Officer. K2 was founded with $50 million in seed financing from MPM BioImpact.

Founded by MPM BioImpact in 2024, K2 is advancing a new model for biotechnology innovation, combining worldwide asset sourcing and experienced drug development leadership to identify and advance high-potential first-in-class and best-in-class therapeutic candidates. The seed financing has supported the expansion of the Company's portfolio and advancement of its globally sourced assets.

"K2 represents a compelling new model for biotechnology innovation and drug development," said Dr. Huang. "By combining global asset sourcing with experienced development leadership, K2 is uniquely positioned to rapidly advance differentiated therapeutic candidates with the potential to address significant unmet medical needs. What excites me most about K2 is the opportunity to bring together complementary strengths from across the global biotechnology ecosystem, pairing innovative science with world-class development, regulatory and commercialization expertise. I am excited to join K2 and help build a biotechnology company with global reach and impact, capable of delivering meaningful benefits to patients worldwide."

Dr. Huang brings more than two decades of experience spanning biotechnology research and development, corporate strategy, capital markets, and company leadership. Most recently, he served as Chief Executive Officer and member of the Board of Directors at Legend Biotech, where he helped lead the global development and commercialization of innovative cell therapies, including CARVYKTI®, one of the first commercially successful China-to-U.S. drug launches with annual sales exceeding $2 billion. He also oversaw Legend's evolution into a fully integrated global biopharmaceutical company with more than 3,000 employees spanning R&D, GMP manufacturing, and commercial operations. Prior to joining Legend, Dr. Huang was a top-ranked biotechnology equity research analyst and Head of Biotech Equity Research at Bank of America Merrill Lynch. He began his career in pharmaceutical research and development and holds a Ph.D. in Bio-organic Chemistry from Columbia University. He also studied in the Special Class for the Gifted Young at the University of Science and Technology of China and Columbia Business School.

“Ying is one of the rare leaders in biotechnology, whose career bridges the full arc of innovation, from scientific research and operational execution to capital formation and executive leadership. At Legend Biotech, Ying led one of the most consequential success stories in modern biotechnology, transforming a China-originated innovation into a globally approved blockbuster therapy and helping reshape industry perceptions of where world-class innovation can emerge. We are excited for Ying to lead K2 as we build a biotechnology company that identifies exceptional science globally and advances it into transformative medicines,” said Ansbert Gadicke, M.D., Chairman of K2 and Managing Partner of MPM BioImpact.

Dr. Gadicke added, "For more than 30 years, MPM BioImpact has been driven by a simple belief: transformative science can change the course of human health. Throughout that time, we have partnered with exceptional entrepreneurs and scientists to build companies around breakthrough innovation and bring important new medicines to patients. Today, groundbreaking discoveries are emerging from every corner of the world, creating unprecedented opportunities to improve and extend lives. K2 was founded to help unlock that potential, combining a global search for exceptional science with deep drug development expertise and the resources needed to translate innovation into impact for patients worldwide. Our $50 million seed investment reflects our strong conviction in this vision, the quality of K2’s initial portfolio, and the opportunity to build a company capable of delivering meaningful advances for patients on a global scale.”

Advancing a Global Portfolio of Innovative Therapeutics

K2 is building a diversified portfolio of innovative therapeutics by identifying promising opportunities globally and advancing them through focused drug development. The Company's portfolio now includes eight therapeutic programs spanning multiple modalities, including antibody-drug conjugates (ADCs) and T-cell engagers (TCEs), with programs ranging from preclinical to clinical-stage.

Frank Neumann, M.D., Chief Medical Officer of K2, commented: "Ying's appointment marks an exciting next chapter for K2 as we continue building a global biotechnology company around exceptional science. We have assembled a high-quality portfolio of differentiated therapeutic programs supported by rigorous scientific evaluation and disciplined development. By combining Ying's proven leadership with the strength of our team, we are well positioned to advance these programs efficiently while creating meaningful value for patients and stakeholders."

The Company continues to source and evaluate innovative therapeutic opportunities globally and expects to further expand its portfolio over time through a combination of disciplined asset acquisition, strategic capital deployment and focused development execution.

About K2 Therapeutics
K2 Therapeutics is a biotech company built for global impact, with search and development capabilities unconstrained by modality or geography. K2 Therapeutics identifies the world's most innovative assets and translates them into great medicines through a disciplined development approach led by experienced drug developers. The Company aims to build a pipeline focused on high-potential first- and best-in-class assets with meaningful potential for patient impact worldwide. For more information, visit www.k2tx.com.

About MPM BioImpact
MPM BioImpact is a world-leading biotechnology investment firm with over 30 years of expertise creating and investing in innovative companies to deliver transformative therapies to patients. Its experienced and dedicated team of investment professionals, entrepreneurs, advisors and leading scientists translate scientific discoveries into breakthrough medicines and potential cures. The Firm manages over $3.5 billion AUM across early-stage venture funds, private/public impact funds and public equities funds. For more information, visit www.mpmbioimpact.com or follow on LinkedIn.

Contacts

Wu Jie, K2 Therapeutics
wujie@k2tx.com

Chasen Richter, MPM BioImpact
crichter@mpmcapital.com

Hannah Deresiewicz, Precision AQ
hannah.deresiewicz@precisionAQ.com