KPS Establishes U.S. Local Corporation 'ALGOK BIO'

[Asia Economy Reporter Jang Hyowon] KPS is establishing a local subsidiary, Algok Bio (ALGOK BIO Inc.), in Delaware, USA, to create a foothold for global new drug development.

On the 16th, KPS announced that it plans to make Algok Bio (CEO Kim Seongcheol) a subsidiary after investing for the introduction of new drug pipelines and global preclinical/clinical trials.

Kim Seongcheol, CEO of Algok Bio, explained, "A local subsidiary in the US is necessary to fully activate global new drug development," adding, "It will contribute to strengthening the competitiveness of KPS's bio business division in the future."

Previously, KPS acquired exclusive domestic commercialization rights for Neratinib, an adjuvant therapy for HER2 (human epidermal growth factor receptor 2)-positive early breast cancer patients, through the bio venture Big Think Therapeutics (holding 45.35% stake), and is also preparing for US clinical trials of OC FREE, a digital therapeutic for obsessive-compulsive disorder.