Aquavit to invest in biopharmaceutical R&D and manufacturing in South Korea
Signs a five-year contract with Kyungbuk National University (KNU) Technopark
Aquavit Life Sciences plans to invest in a new R&D and manufacturing facility in Daegu, South Korea.
The company will build a facility that is compliant with US FDA regulations for current good manufacturing practices (cGMP).
Phase 1 of the project will be a 10,000ft2 space equipped with an ISO 5 class cleanroom under ISO 14644-1 classification.
Aquavit has signed a five-year contract with Kyungbuk National University (KNU) Technopark, which is a science and technology incubation centre.
‘We are excited to partner with Aquavit and bring its cutting-edge technology to our research centre. The investment will benefit our local economy, and we are confident that our professionals with advanced degrees in the sciences will contribute to Aquavit's success,’ said Kwang-Tae Kim, Professor and Director of the KNU Technopark.
The city of Daegu has been expanding its commitment to the biotech and pharmaceutical industries and has invested more than US$600m to date in state-of-the-art infrastructure and facilities that support the growing opportunities in these industries. Despite the economic growth in South Korea led by investments from companies such as Samsung and LG, the private pharmaceutical and biotechnology sector has grown more slowly, since the process is lengthy, time consuming and the risks are higher. The city of Daegu is working to change the dynamic.
‘The city demonstrated its passion and commitment for innovation in medical technology and the biotech industry; and combined with KNU's strength in IT, engineering, and pharmaceutical sciences, the decision was clear. The new location will position the company to enhance its pipeline of personalised medicine products and technology. Our new facility will increase R&D collaboration and efficiency, connect us to a pool of talent the city has to offer, and strengthen our ability to drive product development, manufacturing and innovation programmes forward,’ said Sobin Chang, Aquavit CEO.
In addition to developing its own pipeline, Aquavit will form partnerships with domestic pharmaceutical firms in research, global clinical tests, and other ventures. The company also intends to expand its overseas sales network in the coming years.
Aquavit Life Sciences was founded in 2012 in Seoul, South Korea, and is a wholly owned subsidiary of Aquavit Pharmaceuticals, a US corporation.