BUSAN < invest Korea

(BUSAN=NEWSIS) Busan City announced that Busan Mayor Seo Byung-soo and Merck’s research institution director signed an investment memorandum of understanding (MOU) on May 13 in Germany to establish a research and development (R&D) center in Busan.

Based in Germany, Merck is a R&D-oriented global company that sells medicine, vaccine and biomedicine to 140 countries and owns more than 20 new drug candidates.

Busan City, Busan Jinhae Free Economic Zone Authority and Dongseo University will cooperate with Merck to invest KRW 3 billion in the regenerative medicine sector and build the Merck Biotechnology Institute Busan (1000㎡) in Myeongji International City.

The Merck R&D center at the Myeongji Global Campus Town will ensure industrial and academic cooperation with overseas universities including the FAU Busan Campus to create jobs, promote the establishment of new technology bio pharmaceutical venture capitals and enhance competitiveness in the regional medical technology industry.

heraid@newsis.com