Korean biotech companies expanding

Korea’s start-up biotechnology companies are growing in size and financial clout. Some took over a foreign technology firm. Others are signing large manufacturing pacts with global companies. Koam Nano Bio Inc., a Seoul-based biotechnology company, recently acquired 35 patent rights free from Novatrix Biomedical Inc. in the United States. The patents include one for robots that can assist in orthopedic surgery. Novatrix acquired that patent for $10 million from ISS Robot Assistant. Ubistar Co., which produces communication devices, announced yesterday that it has acquired U.S. company Anyuser USA, which provides voice over Internet protocol service in the United States. It is a technology that allows for telephone calls to be made using broadband Internet connections. Ubistar acquired a 32-percent stake in the American company with $4 million. In late July, Incheon-based biopharmaceutical firm Celltrion Inc. signed a deal to make biologic products developed by multinational company Bristol-Myers Squibb. Financial details were not disclosed, but it was believed to be the largest biologic manufacturing contract for an Asian company. Celltrion recently began expansion on its 50,000-liter bioreactor facility to raise the capacity to 200,000 liters. Earlier this year, Crystal Genomics Inc., which develops new drugs, won the right from local cosmetics maker Amore Pacific to develop substances for treatment of arthritis into medication and sell the products. The deal was worth 30 billion won ($31 million) and Crystal Genomics financed the pact with its Kosdaq performance. “When it comes to developing new medication, we have far more experience than larger companies,” said Lee Jung-kue, Crystal Genomics’ vice president of business development. by Shim Jae-woo, Yoo Jee-ho