CHUNGCHEONGBUK-DO < invest Korea

Invest KOREA participated last month in a signing ceremony for a joint venture investment between Korea’s Shin Poong Pharm and LFB, a French pharmaceutical company.

Invest KOREA participated last month in a signing ceremony for a joint venture investment between Korea’s Shin Poong Pharm and LFB, a French pharmaceutical company.

Fleur Pellerin, Minister Delegate of Small- and Medium-Sized Enterprises, Innovation and the Digital Economy of France, and Invest KOREA Commissioner Kiwon Han were among those in attendance. Under the strategic alliance agreement, Shin Poong Pharm and LFB will establish a joint venture with an investment of USD 42 million to construct a biopharmaceutical manufacturing plant in Osong Biovalley of North Chungcheong Province by 2015.

LFB develops, produces and distributes plasma-derived medicines used to treat rare high-risk diseases. This is the state-owned company’s first time investing in Korea. The joint venture will serve as a conduit to generate value in LFB’s Asian pharmaceutical business.

Invest KOREA has been supporting LFB in the process of establishing the joint venture, which will bring about the first biopharmaceutical manufacturing plant in Osong Biovalley. Invest KOREA will continue to support LFB as it pursues certification as an advanced technology-owning company, in negotiations for incentives from the Korean government including cash grants and through other steps of the investment process.

The agreement is expected to contribute to improving Korea’s expertise in biomedicine refinement and production through technical cooperation between the two companies and to generate 110 jobs in 2016.


Source: North Chungcheong Province, KOTRA (Mar 26, 2013)