SINGAPORE – (BUSINESS WIRE) – December 19, 2021–
Prestige BioPharma Limited (PBP, 950210: KRX), a Singapore-based biopharmaceutical company active in the United States and South Korea, begins construction of an Innovative Discovery Center (IDC) in Busan, South Korea. Construction of IDC is expected to be completed by February 2023.
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PBP’s Innovative Discovery Center (IDC) in Busan, Korea (Photo: Business Wire)
PBP is holding a groundbreaking ceremony on December 21, 2021 with Korean government officials and guests including Deputy Mayor of Busan City Mr. Yoon-il Kim, Director General of Investment Policy of the Ministry of Trade, Industry and Energy, Mr. Jong-young Jung and Head of the Development Administration Division of the Busan-Jinhae Free Zone Authority (BJFEZ) Mr. Seokho Cha.
PBP is on track to build the global R&D center with a total area of ââapproximately 34,000 square meters and sufficient facilities for 800 researchers. Earlier in May this year, PBP and the Busan city government signed a memorandum of understanding for the establishment of IDC in which the company’s plan to invest more than $ 200 million by 2030 has been announced.
IDC will focus on the discovery of various first-class biological antibodies from 8 bispecific antibody projects based on the proprietary oncology therapeutic targets of PBP, PAUF and CTHRC1. Next-generation vaccines using mRNA technologies and bioinformatics will be developed at IDC for current and future pandemics.
IDC will also hire more than 250 PhD and highly qualified R&D personnel over the next five years and fifty percent of its R&D resources will come from local universities and community.
As the leading global R&D center in Busan, IDC is expected to lead the growth of Busan’s bio-industry and lay the foundation for making the region a viable bio-cluster that supports the local economy and stimulates the mutual growth in academia and industry. IDC plans to implement an open innovation platform that will provide the local biomedical company with a âone-stop-shopâ R&D solution for the full development cycle of new drugs targeting global markets.
PBP CEO Dr Lisa S. Park commented: âIDC will lead the innovative drug discovery R&D of the PBP group in conjunction with our research centers in Singapore and the United States and will create a global open innovation center for industry-university collaborationâ and âwe envision IDC where the Prestige Biopharma’s innovation is happening and the start of a new world-class bio-cluster here in Busan â.
Hyeong-joon Park, mayor of Busan city, said: âWe are very pleased to have a global bio-R&D center in Busan and to work with a leading biopharmaceutical company, Prestige Biopharma. The city of Busan will fully support the IDC of PBP so that this new partnership can drive the growth of a local bio-industry and contribute to local economic development and the creation of high quality jobs â.
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CONTACT: Media inquiries:
Global communications team
Prestige BioPharma Ltd.
Phone. : + 65-6924-6535
KEYWORD: SINGAPORE SOUTH KOREA ASIA PACIFIC
INDUSTRY KEYWORD: BIOTECHNOLOGY HEALTH PHARMACEUTICAL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Prestige BioPharma LimitÃ©e
Copyright Business Wire 2021.
PUB: 12/19/2021 5:00 PM / DISC: 12/19/2021 5:02 PM
Copyright Business Wire 2021.