Boryung Pharmaceutical said Wednesday it will make an incremental 24 billion won ($20 million) investment in innovative US health care firms.

The investment will be carried out over three years by Hayan I, L.P., which is a corporate venture capital fund established in the US by Boryung.

Boryung Pharmaceutical plans to strengthen its pipelines for novel drugs development through open innovation with the promising companies it invests in in the US.

Boryung’s US entity, Hayan Health Networks, was established in January by Boryung Holdings. It is headed by Choi Sung-won, also known as Peter Choi, who doubles as the head of Global Business Department at Boryung Pharmaceutical.

Choi has a bachelor of science degree in microbiology from the University of Michigan, and another bachelor of science degree in biochemistry from the University of Washington. He also has a master of science degree in pathology from the University of Washington.

Choi has 20 years of experience in pharmaceutical business development.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)