60-Year-Old Pharmaceutical Company's Space Challenge... Partnership with Private Space Station Company

Boryeong Establishes Joint Venture with US Axiom Space

Domestic mid-sized pharmaceutical company Boryung is establishing a joint venture with Axiom Space, a company that builds private space stations.

Axiom Space's world's first commercial space station 'Axiom Station' [Photo provided by Boryeong]

On the morning of the 21st, Kim Jeong-gyun, CEO of Boryung, announced at the shareholders' meeting held at Boryung's headquarters in Jongno-gu, Seoul, "We have agreed to establish a joint venture with Axiom Space in Korea."

CEO Kim added, "The details will be discussed over the next month or two," and explained, "We will jointly develop all businesses related to low Earth orbit in Korea and will sufficiently expand the scope of cooperation."

However, he explained that since no clear agreements have been made yet, it is difficult to disclose specific collaboration plans.

Previously, on December 21 last year, Boryung held a board meeting and decided on a strategic investment of 50 million dollars (approximately 64.9 billion KRW) in Axiom Space, headquartered in Houston, USA. This is the second investment following an initial investment of 10 million dollars (approximately 12.9 billion KRW) made earlier last year.

Axiom is constructing the world's first commercial space station, the Axiom Station. It is a space station intended to replace the International Space Station (ISS), which is scheduled to be decommissioned within the next 10 years.