South Korean pharma invests A$2.4 million in Adelaide subsidiary
15 Aug 2019
South Korean pharmaceuticals and chemicals company, Yuhan Co, Ltd (Yuhan), is setting up a permanent clinical presence in South Australia, reports the Korea Herald.
With an investment of approximately A$2.4 million, the new subsidiary will help Yuhan expand its global clinical network and drug-development pipeline.
Based in Daebang-dong near Seoul, Yuhan is a A$2.9 billion Korean pharmaceuticals research and development (R&D) company. It manufactures active treatments such as antivirals, antibiotics, antihistamines and antidiabetics, as well as over-the-counter products.
According to the company’s spokesperson, Australia’s vibrant pharmaceuticals-development market is a key attraction.
The investment will support market expansion and product diversification. It also creates the potential for Yuhan to undertake R&D activities in Australia in collaboration with research institutes and universities.
‘Launching a subsidiary in Australia is a part of our efforts to expand [drug development] pipelines,’ the spokesperson said.
The new Adelaide subsidiary builds on recent major investments in Australia by Korean pharmaceuticals companies, including PharmAbcine and Macrogen.
Korea is Australia’s fourth-largest trade partner, and Korean pharmaceuticals companies are active investors in multiple aspects of Australia’s A$38 billion pharmaceuticals industries.
Austrade is an active partner in attracting pharma investment in Australia. In collaboration with Korea Health Industry Development Institute (KHIDI), Austrade Korea coordinates Korean delegations to Australia’s peak industry annual event AusBiotech.
This year, the AusBiotech life sciences conference takes place in Melbourne from 30 October. To mark Korea’s growing role in Australian life sciences, the conference will include a session on Korea’s research commercialisation capabilities.
The conference will also solicit participation by Australian research and development organisations in Yuhan’s Open Innovation Initiatives, as well as those being developed by Yuhan’s fellow Korean life-sciences companies.
For more information, please contact:
Juliet Woo, Senior Business Development Manager, Seoul, Korea
Rika Sasaki, Adviser – International Health, Trade and Investment Division, Sydney, Australia