Yuhan partners with Australian institute

Home > Business > Industry

print dictionary print

Yuhan partners with Australian institute

Yuhan is partnering with Australia’s oldest medical research institute to boost progress in new drug development.

The largest pharmaceutical company by revenue in Korea announced Friday that it has signed a memorandum of understanding with Melbourne, Australia-based Walter and Eliza Hall Institute of Medical Research (WEHI) to co-develop drugs and exchange scientific knowledge.

WEHI is a non-profit, biomedical research institute that specializes in researching and developing therapies for cancer, immunology and aging, Yuhan said.

The institute, which was founded in 1915 and has more than 1,100 employees, was ranked 19th among similar biomedical research centers in the world by Nature.

Under the agreement, the two entities will collaborate on new drug development.

WEHI will provide its expertise in basic sciences for first-in-class therapies, while Yuhan will offer WEHI researchers an opportunity to experience the commercialization process.

Yuhan invested 2 billion won ($1.7 million) in June to form a subsidiary in Australia as a part of its “open innovation” strategy.

Yuhan ANZ was established for Yuhan to build its pipeline and support global clinical tests.

According to the Korea Trade-Investment Promotion Agency, the Australian pharmaceutical market is expected to reach 14.8 billion Australian dollars in size by 2022 from 11.9 billion Australian dollars in 2017.


BY KO JUN-TAE [ko.juntae@joongang.co.kr]

More in Industry

Hanjin Transportation selling 100 billion won of new shares

GS Retail has tough second quarter

Rain ready

I'm flying

Kakao sees record net profit at 145 billion won in Q2

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now