BUSAN < invest Korea

According to Yonhap News,

Prestige Biopharma signed an MOU with the city of Busan over an investment and industry-university sponsorship on May 18. The bio-pharmaceutical company, headquartered in Singapore, has established its manufacturing plant in Osong in North Chungcheong Province in 2015, and built up a new vaccine production facility in March this year.

Adding to the existing facilities, the drug maker is planning to build up an R&D center (gross area: 45,000㎡), a dedicated lab to develop therapeutic antibodies and vaccines for emerging infectious diseases in Gangseo-gu, Busan city in July, 2021.

Once the research center launches its service, the biopharma company is reported to finance USD 152 million over the next five years, employing 209 workers (including 195 master’s or doctorate degree research scientists). More than 50% of the workforce is predicted to fill up by local residents, and other forms of industry-academia partnership programs such as an internship program and open –innovation R&D projects with local universities, venture startups and industry specialists.

Prestige Biopharma, founded in 2015 in Singapore, currently advanced seven platform technologies in drug development, and 17 biosimilar and antibiotics in the clinical pipeline. Korean companies who’ve tapped into the biosimilar markets in Europe thus far are Samsung BIOEPIS and Celltrion only.

Prestige Biopharma has made market debut on KOSPI as the very first Singaporean company which invested in Korea early this year.

The investments into R&D center in Busan city is now raising expectations among city officials to become the next growth driver in the bio-healthcare industry.

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Source:Yonhap News (May 18, 2021)