KUALA LUMPUR, May 18 (Bernama) -- Prestige BioPharma Limited (PBP) and Busan City Government have entered into a memorandum of understanding (MoU) to establish Research and Development (R&D) centre in Busan, South Korea.
With the signing ceremony held at Busan City hall in Busan, the signing of this MoU is meaningful for Busan City to have its first local bio-pharmaceutical R&D centre, according to a statement.
“With this partnership and the global-scale R&D centre, Prestige BioPharma will be able to accelerate the development of innovative antibody drugs and at the same time, contribute to the growing global demands of vaccines in response to COVID-19 and potential future pandemics,” said Prestige BioPharma Chief Executive Officer, Lisa S. Park.
“We strongly believe that this Busan R&D centre will be a landmark of Busan City and will boost the local economy.”
PBP is on target to build a global-scale R&D centre with a total area of approximately 45,000 square metres and will invest US$152 million, including hiring 209 of PhD and highly qualified R&D personnel, for the next five years. (US$1 = RM4.125)
Through this MoU, PBP and Busan City will cooperate in creating a bio-cluster that supports a local economy and drives mutual growth in academia and industry. The 50 per cent of its R&D resources will be sourced from local universities and community.
PBP is the first Singapore-based company to be listed on the Korea Composite Stock Price Index. The first pipeline of PBP, Herceptin® biosimilar has successfully completed its Phase III clinical trial and is currently under EMA review.
The company recently expanded its business to vaccine development and production and participated in a consortium in the production of Russia's Sputnik V COVID-19 vaccine as the Drug Substance manufacturing organisation.
More details at www.prestigebiopharma.com.
-- BERNAMA
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