Singapore-based biopharmaceutical firm Prestige BioPharma (PBP) has commenced construction of Innovative Discovery Center (IDC) in Busan, South Korea.
The firm plans to complete construction of IDC by February 2023.
With a total area of approximately 34,000m2, the global-scale R&D centre will have facilities that can accommodate 800 researchers.
PBP and Busan City Government signed a memorandum of understanding (MOU) earlier in May 2021 for the establishment of IDC with an investment of more than $200m by 2030.
PBP CEO Dr Lisa S Park said: “IDC will be leading PBP Group’s innovative drug discovery R&D in connection with our research centers in Singapore and US and creating a global open innovation hub for industry-academic collaboration and we envision IDC where Prestige Biopharma’s innovation realizes and the start of a new world-class bio-cluster here in Busan.”
PBP said that the IDC will focus on discovery of first-in-class antibody biologics, beginning from eight bispecific antibody projects.
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By GlobalDataThe IDC will focus on the development of next generation vaccines using mRNA technologies and bioinformatics.
Busan City Mayor Hyeong-joon Park said: “Busan City will fully support PBP’s IDC so this novel partnership can lead a local bio-industry’s growth and contribute to local economic development and high-quality job creation.”
Furthermore, IDC is expected to lead the bioindustry growth in Busan, while laying a foundation to make the region a viable bio-cluster.
By implementing an open innovation platform, IDC plans to provide local biomedical society with a ‘one stop’ R&D solution for full development cycle of new drugs targeting global markets.
Over the next five years, IDC is expected to employ more than 250 PhD and R&D personnel.
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Prestige BioPharma’s Innovative Discovery Center in Busan, Korea. Credit: Business Wire.
