CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

Rafagen, Inc., a biopharmaceutical company based in Montgomery, Maryland, the U.S., will invest USD 30 million to establish its production facilities in Osong Bio Valley, Chungbuk-do (North Chungcheong Province).

According to Chungbuk on April 12th, Chungbuk Provincial Governor Lee Si-jong was in his visit to the Eastern United States and signed an investment MOU with Rafagen on April 11th (local time).

Rafagen develops protein and gene therapy drugs and will set up R&D and production facilities in Osong Bio Valley with the investment of USD 30 million by 2015 under the MOU.

The Province will provide required land sites, support a series of authorization and permission processes, and give a preference to Rafagen in private-public projects.

Governor Lee explained the Province’s plan to build a global bio-cluster which will have bio-medical companies, R&D centers, universities, and hospitals and asked for investment during his visit to other local companies including Novavax, a vaccine manufacturer, and MedImmune.

He also discussed cooperative measures in the bio industry with Montgomery County Executive Ike Leggett and Maryland Governor Martin O’Mally, and suggested Governor O’Mally visit Chungbuk during his visit to Korea in the upcoming June.

Source Text

Source: Yonhap News (April 12, 2011)

**This is an English translation of a Korean news article.