Prestige BioPharma Opens New Drug Research Institute in Busan with 100 Billion KRW Investment

The Ministry of Trade, Industry and Energy announced on the 13th that Prestige BioPharma held an opening ceremony for its Innovative New Drug Research Institute in Busan.

Headquartered in Singapore, Prestige BioPharma manufactures and conducts research and development of antibody drugs for cancer and intractable diseases, and operates an antibody biopharmaceutical contract manufacturing (CDMO) facility in Osong, Chungbuk. Prestige BioPharma has invested over 100 billion KRW to open the Innovative New Drug Research Institute in Busan.

Prestige BioPharma is developing 16 antibody new drug candidates, including treatments for pancreatic cancer and ovarian cancer. Through the opening of this Innovative New Drug Research Institute, it is expected to establish itself as an innovative hub capable of supporting the entire cycle of antibody drug research and development, clinical trials, commercialization, and production domestically. Prestige BioPharma plans to hire a total of 116 researchers, mainly at the master's and doctoral levels, by next year.

Yoo Beop-min, Director of Investment Policy at the Ministry of Trade, Industry and Energy, said in his congratulatory speech, "We will continue efforts to create a stable trade foundation, nurture technical talent, reform regulations, and foster living conditions friendly to foreign companies to establish an investment environment where global innovative companies like Prestige BioPharma can fully demonstrate their capabilities."