Prestige Biopharma eyes complete value chain

BARCELONA, Spain – Prestige Biopharma, a Kospi-listed biopharmaceutical firm based in Singapore, said Tuesday it is seeking to complete its value chain of new drug development with its upcoming research center in Busan. “Prestige Biopharma’s research and development of antibody drugs will pick up speed after the company opens its new research center in Busan,” Prestige Biopharma Chairman Park So-yeon told reporters at the Convention on Pharmaceutical Ingredients (CPHI) Wo

Oct. 25, 2023

SK Pharmteco bets big on cell, gene therapy

BARCELONA, Spain -- SK Pharmteco, SK Inc.’s contract bio-manufacturing subsidiary, said the company’s burgeoning cell and gene therapy (CGT) business will become its new growth engine. “We continue to expand our CGT business, and the capacity we are building over the next years will allow us to grow this business,” SK Pharmteco CEO Joerg Ahlgrimm said during a press conference Tuesday held on the sidelines of the Convention on Pharmaceutical Ingredients (CPHI) Worldwide,

Oct. 25, 2023

Celltrion chief calls merger crucial to beat bigger rivals

Pooling resources together is the best way to survive in the cutthroat competition against global pharmaceutical companies with gigantic capital, biopharma Celltrion founder and Chairman Seo Jung-jin said on Wednesday of the firm's merger with its sales affiliate Celltrion Healthcare. “The integration of Celltrion and Celltrion Healthcare will serve as a momentum for the group to take a leap as a leading global health care firm,” Seo said during a press conference held in Yeou

Oct. 25, 2023

Woori Bank accelerates overseas expansion

Woori Bank, one of South Korea’s top four commercial banks, has announced its plan to achieve up to 25 percent of its net profit from global sales by 2030. “Woori Bank's global division reported a net profit of $340 million last year, and it has achieved an average annual asset growth of 9 percent during the last three years," Yun Seog-mo, Woori Bank's global business division head said during a press conference held at the bank's headquarters in Seoul on Wednesda

Oct. 25, 2023

KAI partners with Saudi Space Agency to lead new space era

Korea Aerospace Industries has joined hands with the Saudi Space Agency to collaborate on strengthening their partnership in the space sector as part of efforts to lead the expanding space industry in the Middle East. According to KAI, the chiefs of KAI and SSA on Wednesday signed a memorandum of understanding in Riyadh. The partnership agreement took place during President Yoon Suk Yeol’s state visit to Saudi Arabia, which began Saturday. KAI officials traveled to the Middle Eastern count

Oct. 25, 2023

SK Signet delivers W5b ultrafast EV chargers to Revel

SK Signet, the electric vehicle charger maker under SK Group, said Wednesday that it has delivered the first shipment of its new V2 ultrafast 400-kilowatt EV chargers, to Revel, a Brooklyn-based electric mobility and infrastructure firm, in a deal worth to 5 billion won ($3.7 million). Revel is the first client to receive the V2 since its mass production. Accelerating EV adoption in the city, the US company provides electric rideshare services, mopeds rental, and fast charging stations dubbed &l

Oct. 25, 2023

S-Oil to import low-carbon ammonia from Saudi Aramco

South Korean oil refiner S-Oil announced Wednesday that it has signed a letter of intent with Saudi Aramco, Saudi Arabia's state oil giant, to secure low-carbon ammonia and contribute to the nation’s hydrogen industry. Following last year’s agreement to build a hydrogen supply chain between the two companies, the new partnership aims to confirm their will to support global decarbonization efforts. Under the letter of intent, S-Oil plans to import low-carbon ammonia from Saudi Ar

Oct. 25, 2023

LG Chem sets up R&D center in Georgia

South Korean chemical giant LG Chem said Wednesday that it has set up a new research and development center in the US state of Georgia called the North America Innovation Center, as part of its big push to secure global talent for its burgeoning next-generation materials business. The new plan was unveiled as part of its partnership with the Georgia Institute of Technology signed a day before. Under the agreement, the center will serve as an R&D base for diverse collaboration projects with n

Oct. 25, 2023

AI Auction debuts tax consultant chatbot

South Korean software startup AI Auction said Tuesday it has launched a tax consultant chatbot called “K-engine,” specializing in providing verified information on various tax regulations such as property and corporate tax. Unlike OpenAI’s ChatGPT, which is trained on freely distributed data online, K-engine is trained with a specialized legal database that has been verified and compiled by legal experts and professors, the company said. As such, the chatbot is expected to rect

Oct. 24, 2023

Samsung Biologics to offer solutions for Kurma Partners' portfolio firms

Samsung Biologics said Tuesday it inked a partnership with Kurma Partners, a French venture capital firm specializing in financing health care companies, to offer a variety of drug-related services to Kurma Partners' portfolio companies. Under the partnership, Samsung Biologics will provide biotech companies invested in by Kurma Partners with its customizable chemical, manufacturing and control solutions. Customizable CMC solutions refer to drugs-related services such as the development of

Oct. 24, 2023

Coway ramps up environmental protection

South Korean home appliance maker Coway has been expanding its environmental campaigns to promote the culture of everyday environmental protection across the country. In a bid to promote clean water areas, in July it launched its second “Coway River Plogging Campaign,” which involves a combination of running and picking up litter along river and coastal areas, together with its customers and employees for about a month. The campaign saw a 41 percent surge in the number of participant

Oct. 24, 2023

Genesis BBQ opens 11th store in Vietnam

Korean fried chicken franchise Genesis BBQ said Wednesday that it had launched its 11th store in Vietnam, ramping up its expansion in Southeast Asia. The two-story outlet in Da Nang, a coastal city in central Vietnam, has a total floor area of 128 square meters. With its proximity to My Khe Beach, recognized in surveys as one of the world’s most beautiful beaches, the latest branch is ideally situated for attracting both locals and foreign visitors, the franchise added. Besides the franchi

Oct. 24, 2023

Eugene Group wins bid to acquire news channel YTN

Eugene Group, a mid-sized South Korean conglomerate with businesses ranging from distribution to finance, has become the largest shareholder of local news channel YTN, according to industry sources on Monday. The group reportedly acquired a 30.95 percent stake in YTN for about 319.9 billion won ($236 million). The stake in question was previously owned by the state-run Korea Electric Power Corp.’s subsidiary Kepco KDN, an electric power grid service company, and the Korea Racing Authority.

Oct. 23, 2023

Hyundai partners with Saudi firms to build hydrogen mobility ecosystem

Hyundai Motor Company said Monday that it is set to launch a hydrogen mobility ecosystem in Saudi Arabia, in step with the kingdom's pivot away from its traditional oil-centric economy. Upon President Yoon Suk Yeol's state visit to the Middle East, the Korean carmaker signed a memorandum of understanding on Sunday in Riyadh with three entities -- Air Products Qudra, a joint venture between Sau Air Products and Qudra Energy; SAPTCO, a Saudi public bus company; and the Korea Automotive T

Oct. 23, 2023

Paris Baguette to expand into Middle East, Africa

South Korean bakery giant SPC Group's flagship bakery chain Paris Baguette will make its first inroad into the Middle Eastern and African market as a part of its efforts to tap into the global halal food market worth some $2 trillion in value, said SPC Group, Monday. SPC Group said it signed a memorandum of understanding with a United Arab Emirates-based conglomerate Galadari Brothers Group on Sunday to establish a joint venture by 2024. Galadari Brothers Group currently operates businesses

Oct. 23, 2023

Hyundai Motor to build 1st car plant in Saudi Arabia, leading 46 Korea-Saudi deals

Hyundai Motor Group announced Monday it has entered into a joint venture agreement with Saudi Arabia's Public Investment Fund (PIF) to construct its first-ever automobile assembly plant in Saudi Arabia and expand its presence in the Middle Eastern market. This announcement came as part of a broader initiative that saw 46 memorandums of understanding and joint partnerships signed between South Korean companies and Saudi Arabian counterparts during President Yoon Suk Yeol's state visit t

Oct. 23, 2023

Hyundai Elevator wins Good Design Award 2023

Hyundai Elevator said Monday that its smart floor indicator has won Japan’s Good Design Award 2023, one of the four major international design awards. Launched last November, PI-DD is a smart floor indicator that purifies and sterilizes the air inside the elevator. The display device, sterilizer and air filter are all hidden behind the stainless metal perforated sheet that naturally matches the interior design of the elevator. The device draws in contaminated air through holes in the hidde

Oct. 23, 2023

GS Group, SNU to run incubator program for startups

South Korean energy-to-retail conglomerate GS Group announced Monday that it is searching for startups and future entrepreneurs to join its incubator program it runs with Seoul National University. “The GS Challenges with SNU” is a joint program with Seoul Techno Holdings, which supports the commercialization of SNU's in-school technology. It provides local startups the opportunities to meet diverse actors outside the business for solutions. Startups with less than five years of

Oct. 23, 2023

Celltrion merger plan approved by shareholders

Korean biosimilar giant Celltrion and its sales unit Celltrion Healthcare received shareholders’ approval for their merger on Monday, paving the way for the launch of an integrated company planned for December. During the extraordinary general shareholders meetings separately held by the two companies in Incheon, Celltrion won with 97.04 percent of attendees voting in favor of the merger, while 95.17 percent of Celltrion Healthcare shareholder attendees agreed with the plan. The integrat

Oct. 23, 2023

[Herald Interview] ‘Sustainability helps employees focus, companies attract talent’

Incorporating sustainability into corporate strategies doesn’t just help the planet, it also helps a company in practical ways — such as attracting more funds and motivating employees, Royal Philips’ head of sustainability told The Korea Herald in a recent interview. “Companies that create and offer sustainable solutions gain more advantages,” Robert Metzke, who oversees the Netherlands-based global health care giant’s strategies for sustainable development,

Oct. 23, 2023