CHA medical group signs MOU with IGIS Asia Investment Management

An aerial view of a gene and cell manufacturing facility in Pangyo, Gyeonggi, which is being built by CHA Medical & Bio Group. [CHA MEDICAL & BIO GROUP]

CHA Medical & Bio Group signed a memorandum of understanding (MOU) with IGIS Asia Investment Management to jointly make an investment in the biopharmaceutical sector.

The two parties will establish an investment venture, called Life Science Real Estate Platform, and raise up to $650 million in funds.

The funds will be used to purchase real estate in Korea and overseas, including existing research and development (R&D) centers and hospitals.

The two will further discuss how to use and operate the facilities.

CHA Medical & Bio Group believes the latest cooperation will help strengthen its global networks. CHA has been running various in vitro fertilization (IVF) centers, R&D facilities and contract manufacturing and development organizations specializing in cell and gene therapy overseas including in Singapore, Japan and Australia.

BY SARAH CHEA [chea.sarah@joongang.co.kr]