Invest KOREA

According to Pulse by Maeil Business News Korea,

Germany’s science and technology company Merck will establish an operation center for Korean life science businesses with an investment of 26 billion won ($22.7 million) in Songdo International Business District in Incheon, South Korea.

The Incheon Free Economic Zone Authority (IFEZA) announced that the Korean subsidiary of Merck held a groundbreaking ceremony for the science operation center on Thursday in Songdo. The 5-story building with one underground floor will be sitting on an area of 10,141 square meters. Merck aims to complete the construction by May 2019.

The science operation center will offer technology service and cell culture medium to bio firms based in Songdo such as Samsung Biologics and Celltrion. The IFEZA is working hard to make Songdo a global bio industry hub by attracting global biopharmaceutical companies. The authority last month signed a land sale agreement with French construction materials manufacturer Campagine de Saint-Gobain S.A. who will build a bioprocessing facility in Songdo.

“Merck plans to integrate its life science business across the nation into the Songdo center and expand investment as well,” an official from the authority said.

Founded in 1668, the Darmstadt-based Merck is the world’s oldest pharmaceutical and chemical company. About 50,000 employees work for the company in about 70 countries.

By Ji Hong-gu and Choi Mira

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (October 11, 2018)