Myriad Life Sciences and Woojeong Bio Join Hands to Expand the Bio Startup Ecosystem Base

Sung Sang-yong, CEO of Myriad Life Sciences (left), Cheon Byeong-nyeon, CEO of Woojeong Bio.

[Asia Economy Reporter Lee Gwan-joo] Myriad Life Sciences, a strategic advisory and accelerator in the pharmaceutical and bio sector, announced on the 3rd that it has signed a memorandum of understanding (MOU) with Woojung Bio to expand the bio startup ecosystem.

Through this agreement, the two companies plan to establish a cooperative system to support research and development and technology commercialization consulting for bio startups. Specifically, they will collaborate on ▲building an open innovation support system for portfolio startups ▲integrated accelerating and related investment consulting ▲sharing global preclinical and clinical trial R&D strategies ▲discovering and incubating promising technology startups.

Myriad is a strategic advisory firm specializing in pharmaceuticals and bio, and officially launched a bio-specialized accelerator last month. It plans to initiate or discover promising startups in innovative new drug fields such as next-generation anticancer drugs and promote integrated accelerating and related investments. Currently, it supports three biotech companies: Abelos Therapeutics, Medici Bio, and Nio Biopharmaceuticals, and plans to expand its portfolio by initiating an antibody therapeutic startup within the first half of this year.

Woojung Bio is a bio infrastructure solution company pursuing a "one-stop new drug development ecosystem." Based on the Woojung Bio New Drug Cluster (hereinafter WooSinCl), completed last year, it provides preclinical research and consulting services. WooSinCl is Korea's first private-led, company-friendly new drug development cluster, equipped with comprehensive infrastructure for innovative new drug development, including the largest experimental animal research laboratory.

Sung Sang-yong, CEO of Myriad Life Sciences, said, "Through this agreement, we expect the convergence of Myriad's differentiated advisory in new drug development and WooSinCl's cutting-edge new drug development infrastructure," adding, "It will be a support system contributing to the growth of many startups and pharmaceutical biotech companies."