CHA Bio, Boston's CIC to establish open innovation center for biotech ventures

Industry

Published: 10 May. 2024, 15:49

CHA Bio, Boston's CIC to establish open innovation center for biotech ventures

CHA Biotech CEO Oh Sang-Hoon, right, poses for a photo with Tim Rowe, CEO of Cambridge Innovation Center, after signing an agreement to establish an innovation center for biotech ventures in Pangyo, Gyeonggi. [CHA BIO GROUP]

CHA Bio Group will team up with Boston’s Cambridge Innovation Center (CIC) to establish an open innovation center to attract biotech ventures worldwide at its cell and gene treatment manufacturing facility currently under construction in Pangyo, Gyeonggi.

CHA and CIC signed a memorandum of understanding Thursday to collaborate on creating a biotech-focused innovation ecosystem by attracting and supporting biotech ventures and related companies to the facility.

CHA plans to attract high-potential biotech ventures from domestic and international R&D centers to the facility, providing an environment conducive to investment. The CIC will support the investment, attraction and development of customized programs for its resident companies, providing top-tier consulting to build and activate the innovation ecosystem.

Startups residing in the facility will have access to all the infrastructure and capabilities of CHA Bio Group, including Matica Biotechnology’s specialized cell and gene therapy contract and development manufacturing organization (CDMO) services covering global regions, including the United States and Japan, and CHA Comprehensive Research Institute’s basic research, animal testing and analytical services. They will also freely use the facilities and network of the CIC's Innovation Campuses in 10 cities worldwide, including locations in the United States, Europe and Japan.

"CIC has the experience and expertise in attracting global pharmaceutical companies, major universities and venture capitals to form a bio cluster and achieve technological innovation in various fields," said Oh Sang-Hoon, CEO of CHA Biotech. "Together with the CIC, CHA Bio Group aims to accelerate the globalization of Korea’s biotech industry by attracting innovative companies."

The world's largest cell and gene treatment facility, Cell Gene Biobank, is scheduled for completion in December 2025. It will house a CDMO facility for cell and gene therapy and a storage facility for stem cells.

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