[Asia Economy Reporter Hwang Yoon-joo] GS is showing an upward trend as news spreads that it is accelerating business diversification by investing in a Singaporean vaccine company.
As of 9:55 a.m. on the 9th, GS is trading at 49,050 KRW, up 2.83% (1,350 KRW) compared to the previous trading day.
According to media reports, GS Corporation recently invested in the Singaporean bio company 'RVAC Medicines.' The investment amount was not disclosed. This investment is part of RVAC Medicines' $140 million (approximately 180 billion KRW) fundraising round.
RVAC Medicines is focusing on developing vaccines and therapeutics using an mRNA platform. In the bio market, the mRNA platform is recognized as the next-generation technology leading the industry's future.
It is known that GS Corporation, along with the global healthcare-focused investment fund CBC Group, Singapore investment firm Pavilion Capital, and EDBI, participated in this fundraising. RVAC Medicines is expected to concentrate on mRNA vaccine development using the investment funds.
Meanwhile, GS Group entered the bio business for the first time last year by acquiring shares in Hugel, the top Botox company in Korea. This is interpreted as an effort to diversify its business portfolio centered on refining. As ESG (Environmental, Social, and Governance) management trends strengthen globally, global refining companies are also adjusting the proportion of their refining businesses.
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