German pharmaceutical group Merck Life Science said Thursday the company will invest around 300 million euros ($326 million) to build a new bioprocessing complex in South Korea, its largest investment yet in the Asia-Pacific region. The new investment comes as the company renews its commitment to expanding its production capacities for biotech products in the fast-growing market. It also aims to boost the overall biotech industry in the region, saying the new facility alone will create some 300

The ongoing tug-of-war between the South Korean government and medical professionals over the proposed increase in the number of medical students could have negative impacts on local drug companies’ revenues as well, industry sources said Tuesday. According to officials from local pharmaceutical companies, the ongoing walkout of local doctors is causing a short-term decrease in the overall use of drugs and medical supplies at local hospitals where surgeries are being postponed and appointm

A Korean research team has recently unveiled a bowl of pink rice, a new lab-made hybrid rice, which they say could offer a cheaper and more sustainable source of protein not just for those on a vegan diet, but also for countries still reeling from food crises. “The lab-made beef rice could hit supermarket shelves sooner than you think if regulatory issues are cleared,” Hong Jin-kee, a chemical and biomolecular engineering professor at Yonsei University and the leader of the research

Korean biopharmaceuticals firm Celltrion announced Monday that its new autoimmune disease treatment Zymfentra has been launched in the US market. Zymfentra is a subcutaneous injection formulation of Celltrion's infliximab Remsima. In October last year, the US Food and Drug Administration approved Zymfentra (infliximab-dyyb) for the maintenance treatment of adults with moderately to severely active ulcerative colitis and Crohn’s disease. "Infliximab is a well-established treatment

South Korean pharmaceutical giant Yuhan has decided to reinstate the chairperson and vice chairperson positions for the first time in 28 years, since Chairman Yeon Man-hee stepped down from his post in 1996. Yuhan shareholders approved changes to the articles of incorporation to reestablish the posts during the 101st general meeting of shareholders on Friday. Who will become the company’s chairperson and vice chairperson, however, has not yet been decided, according to the company. “

The sales and operating profit of South Korea's top ramyeon maker Nongshim hit all-time highs last year thanks to the popularity of ramyeon products in foreign markets, the company said Friday. The company’s operating profit in 2023 jumped by 89.1 percent from a year earlier to reach 212 billion won ($159 million), while its annual sales came to 3.4 trillion won, up 9 percent on-year. "As global inflation stubbornly remains high, ramyeon products have appealed to foreign consumer

Hanjin Group Chairman and Korean Air CEO Walter Cho (center) attends the groundbreaking ceremony of the flag carrier’s new aircraft engine maintenance cluster in Unbuk, near Incheon International Airport, on Thursday. The new 578 billion won ($439 million) facility, set to be operational by 2027, is expected to become the largest engine maintenance complex in Asia with an annual capacity of handling maintenance of some 360 aircraft. “The new facility will pave the way for Korean Air

Samsung Biologics is off to a promising start this year with two large-scale contract manufacturing deal signings in March alone. According to Samsung Biologics on Wednesday, the company recently inked a contract manufacturing deal with MSD Switzerland, worth some $71 million. The deal, set to expire in December 2032, is a separate deal from the previous 277 billion won ($210 million) deal signed between the two companies in 2022. Samsung Biologics declined to reveal the product details of the n

Hyundai Engineering & Construction announced Tuesday that the company has signed a power purchase agreement with Glennmont D&D Solar Holdings to aid in Hyundai Motor Group’s use of renewable energies. Glennmont D&D Solar Holdings is a joint venture between SK Eternix and Glennmont Partners, one of the world’s largest fund managers investing in clean energy, based in the UK. According to Hyundai E&C, the recent deal is a virtual power purchase agreement, which involves

LG Group said Monday that its artificial intelligence research lab is teaming up with US biomedical institution Jackson Laboratory to develop AI models that can be used to treat Alzheimer's disease and cancer. The new partnership comes after the two entities signed a memorandum of understanding in December last year. Under the new contract, LG Group will use its AI model, EXAONE, to analyze Jackson Laboratory’s research data relating to different types of cancers and Alzheimer's

South Korean pharmaceutical company Handok announced Friday that GX-H9, a long-acting recombinant human growth hormone it co-developed with Genexine, has won orphan drug designation from the country's Ministry of Food and Drug Safety. Handok said the designation for GX-H9, which it received on Monday this week, will help the company speed up the launch of the medicine. In Korea, when a drug qualifies for the orphan drug designation, the drug is eligible for conditional approval based on res

South Korean retail giant Lotte Group Chair Shin Dong-bin is stepping up efforts to increase the group’s artificial intelligence capability. Lotte Group, on Friday, announced that the company held a conference on AI technology at Lotte World Tower on Thursday. Around 110 officials from the group and its affiliates joined the conference, including Lotte Group Chair Shin, his eldest son and executive Vice President Shin Yoo-yeol, and chief executive officers of the group’s key business

Korean petrochemicals firms are downsizing their businesses as they are grappling with lower demand and higher supply of products from China, according to industry sources Thursday. Lotte Chemical, South Korea’s leading petrochemicals company, has reportedly embarked on the process of selling its Malaysian unit Lotte Chemical Titan Holdings. In addition, its domestic rival LG Chem is said to be in talks with Kuwait Petroleum Corp. to sell a stake in its naphtha cracking center in Yeosu, So

Hyundai Engineering & Construction announced Wednesday that the company signed business agreements with US energy equipment supplier Holtec International, and with UK construction firms Balfour Beatty and Mott MacDonald, in a bid to join the UK government’s small modular reactor project. The UK government plans to expand nuclear energy capacity to 24 gigawatts by 2050, through building a fleet of SMRs. Holtec is one of the six developers that have been shortlisted to win the project. Holte

Just a few years ago, the streets of Yeouido, Seoul's main finance and investment banking district normally full of white-collar workers during weekdays, were quiet during weekends. But now, the high-profile opening of The Hyundai Seoul, the largest retail mall in Korea's capital, has reinvigorated the area, making it a shopping mecca for those in their 20s and 30s in only three years. “I can see more people, particularly younger people, coming to this office district in Yeouido

Hugel, a South Korean botulinum toxin company, announced Monday that the US Food and Drug Administration has granted marketing approval for the company’s botulinum toxin, Letybo. Hugel expects to launch Letybo in the US in mid-2024. "The Canada launch of Letybo last year laid a solid foundation for our entry into the North American market, setting the stage for the planned US launch," an official from Hugel said. With the latest approval, Hugel has become the first and only Korea

South Korea's alcoholic beverage industry has been embracing quickly changing trend cycles -- from wine to whiskey cocktails and cognac -- with rising demand from young consumers to try new types of drinks. The next type of alcohol that is expected to boom here is tequila, according to industry sources. According to Samjeong KPMG’s report, South Korea’s wine consumption decreased significantly last year. The value of wine imports dropped 9.6 percent from $560 million in 2021 to

Korean energy and environmental solutions provider SK Ecoplant said Thursday that the company will work together with the China State Construction Engineering Corp. on a 2.6 trillion won ($1.9 billion) green hydrogen project in Egypt. SK Ecoplant, CSCEC and the Egyptian government signed a memorandum of understanding in Cairo on Wednesday, the company added. Under the project, SK Ecoplant and China’s largest construction company will establish solar panels and wind turbines in Egypt, which

Daewoong Pharmaceutical, South Korea’s leading pharmaceutical company, is expected to appoint Vice President Park Seong-soo as its new co-CEO during its annual shareholders meeting in March, according to industry sources Wednesday. “Daewoong aims to accelerate the expansion of its overseas businesses with Park's appointment,” a source familiar with the internal matter said on condition of anonymity. Park has held diverse positions, handling global issues since he became th

Merck’s immuno-oncology drug Keytruda, one of the best-selling drugs in the world, topped drug sales in Korea for the second consecutive year in 2023, according to market tracker IQVIA on Tuesday. Keytruda’s sales in Korea came to some 399 billion won ($300 million) in 2023, up 159 billion won from the previous year, while global sales of Keytruda hit $25 billion, making it the top-selling drug worldwide. “Keytruda’s success in the country came as the drug can be prescrib