Yuhan Corporation-Progen Sign MOU for Joint Development of Bio New Drugs

Jo Wook-je, CEO of Yuhan Corporation (left), and Kim Jong-gyun, CEO of Progen, are signing a bio-innovative new drug development agreement and taking a commemorative photo at Progen headquarters in Magok, Gangseo-gu, Seoul on the 15th.

[Asia Economy Reporter Chunhee Lee] Yuhan Corporation and Progen announced on the 16th that they signed a memorandum of understanding (MOU) on the 15th at Progen's headquarters in Magok, Gangseo-gu, Seoul, for the joint development of innovative bio new drugs.

Through this MOU, the two companies plan to utilize Progen's multi-target antibody-based platform technology to collaborate on basic research for innovative new drug development, jointly develop bio new drug candidate substances, promote technology transfer and commercialization of early-stage new drug candidates, and continuously expand mutual exchanges.

Jo Wook-je, CEO of Yuhan Corporation, stated, “Through cooperation with Progen, which has strong basic research capabilities, we expect to advance the development of globally competitive bio new drugs and further strengthen Yuhan Corporation's bio new drug development capabilities.” Kim Jong-gyun, CEO of Progen, also said, “We will strive to grow into a global bio company by developing blockbuster innovative new drugs needed by patients with intractable diseases through continuous collaborative research with Yuhan Corporation, a leader in open innovation.”