Invest KOREA

AstraZeneca, a multinational pharmaceutical company, plans to invest 80 billion won (US$73.7 million) in South Korea to step up cooperation in the medical sector, the health ministry said Tuesday.

   Under a memorandum of understanding (MOU), the London-based drug maker promised to carry out the investment plan over the next five years, according to the ministry.

   The deal comes after both sides agreed to a similar MOU in 2006 to cooperate in research and development, and clinical tests on new drugs, it noted.

   The latest deal is mainly focused on conducting R&D and expanding cooperation with South Korea through personnel exchange aimed at bolstering research activities here.

   AstraZeneca will also discuss ways to help South Korean pharmaceutical companies advance to overseas markets by cooperating with the Seoul government, the ministry said.

Source: Yonhap News (April 5, 2011)