Weizmann Institute deal to transfer technologiesThe government reached a deal on Friday with Israel’s Weizmann Institute of Science to get its basic technologies transferred to Korean small and midsized manufacturers.
The Weizmann Institute is one of the world’s five most prominent research institutes specializing in biotechnology and medical science.
The Ministry of Trade, Industry and Energy said Friday it sealed a memorandum of understanding with the Israeli institute and Yozma Group in Seoul to expand R&D cooperation between the two countries on technology transfers and commercialization of projects in each country.
“The cooperation of Israeli original technologies and Korea’s manufacturing technologies will create a new developmental model for both countries,” said Cha Dong-hyung, the director general of industrial technology policy at the Industry Ministry.
Under the deal, the Weizmann Institute will create a database of some 100 original technologies by the end of this year to share with smaller manufacturers. Yozma Group, a venture capital company that has an office in Seoul, will be in charge of financing, business consulting and exploring potential partners and buyers overseas.
The Israeli institute has cooperated with manufacturers in other countries via technology transfers.
Germany’s Merck is a notable example. It commercialized Weizmann’s sclerosis treatment technology and developed a drug that reduced the syndrome’s symptoms by 30 percent. Merck made about $70 million last year from the product.
The Korean government plans to expand the technology transfer deal to other top research institutes in Israel. ?
Science and technology cooperation between the two countries first began in 2001 when they jointly funded $2 million every year towards joint R&D projects.
BY KIM JI-YOON [email@example.com]