Prazer Therapeutics was founded in 2019 and based in Seoul, South Korea. Its proprietary platform, SPiDEM (Selective Protein Degradation Enabling Moiety), is designed to overcome the limitations of conventional TPD methods by targeting membrane-bound and aggregated proteins through both proteasome and lysosome pathways. The company’s therapeutic focus spans oncology, neurodegenerative, and inflammatory diseases, with a pipeline that includes preclinical candidates for Alzheimer's disease, various cancers, and autoimmune conditions.

Prazer has built strategic collaborations with academic and pharmaceutical partners, including Kyung Hee University, Yuhan Corporation, and Daewon Pharmaceutical, to enhance its research capabilities and broaden its development pipeline. One notable program includes a p38 MAPK inhibitor under development for Alzheimer's disease. By integrating rational drug design with its proprietary technology, Prazer aims to develop therapeutics that can effectively modulate previously undruggable targets.

The company has raised significant capital to advance its platform and drug candidates. In 2020, Prazer secured ₩12 billion ($11 million) in a Series A round from investors such as Company K Partners and Smilegate Investment. In March 2025, it closed a ₩29 billion ($20 million) Series B round led by Johnson & Johnson Innovation – JJDC, with support from Premier Partners, K2 Investment, Mirae Asset Capital, and others. The new funding will fuel continued research, IND-enabling studies, and international expansion.