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Writer Invest Seoul Day18-12-28 11:47 View256

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Seoul Metropolitan Government to Sign MOU with New Antibody Drug Candidate R&D Enterprise ‘A-BioTech’

 

 

A-BioTech Co., Ltd., a Korean biomedical enterprise which conducts R&D on new antibody drug candidates, will be establishing an R&D Center in Sangam DMC Hi-tech Industry Center. A-BioTech announced on the 27th that the enterprise was designated by Seoul Metropolitan Government(SMG) as the 2nd Service-type Foreign Investment Zone, following the designation of Intuitive Surgical Korea Ltd. in 2017. 

 

The Service-type Foreign Investment Zone system was introduced in 2011 to invigorate foreign investment in high value-added service industries, through providing a range of incentives including rent compensation.

 

A-BioTech Co., Ltd. plans to invest USD 3.4 million (approx. KRW 3.5 billion) to establish an R&D Center where R&D on new antibody drug candidates will take place through the adoption of source patents on basic technology for a human antibody library.

 

A-BioTech will conduct R&D projects by adopting Japan’s basic source biotechnology on antibody drugs to Korea. Research on an antibody library, the production of specific antigens and antibodies for target illnesses, and the production of human monoclonal antibodies and therapeutic antibodies will be carried out as major projects for the development of new antibody-related drug candidates.

 

DMC, located in Sangam-dong, Mapo-gu, where A-BioTech will be establishing its R&D Center, is a representative industrial cluster leading the 4th Industrial Revolution in Seoul, with approximately 500 enterprises including not only Intuitive Surgical Korea which was designated for the Service-type Foreign Investment Zone, but also many companies in the IT, SW and media industry and R&D Centers of various universities. It is expected that A-BioTech’s designation for a Service-type Foreign Investment Zone will serve as positive momentum for the cluster in attracting enterprises in the knowledge service industry and reinforcing industrial competitiveness.

 

SMG expects that A-BioTech’s establishment of an R&D Center will facilitate cooperation among domestic pharmaceutical companies, academia and research institutes and ultimately contribute to the global market entry of Korean antibody-related biotechnology. 

 

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