Posted 9 August 2019
A major Korean pharmaceutical company has reportedly established an Australian subsidiary with an eye on local research and drug development.
South Korea's Yuhan, one of the country's biggest pharmaceutical companies, has set up a new Australian subsidiary to expand its clinical development capacity, according to The Korean Herald.
The publication said the main push behind the subsidiary was to expand the company's drug pipeline, suggesting the entity will be looking for local research partners in the first instance, although a company official said "market expansion" was also part of the move.
ABN records show a new registration for the Yuhan ANZ entity was made at the end of May. The company reportedly spent $2.4 million to establish the local branch.
Yuhan established a US subsidiary headquartered in Boston last year in order to strengthen its drug portfolio.
"Yuhan USA currently focuses its efforts on the collaboration with established emerging biotech companies in such areas as immuno-oncology, NASH and metabolic disease," the company website says.
The move follows growing interest from East Asian companies to invest in and enter the local pharmaceutical space in the past 12 months.
Meanwhile Asian investors are also showing a greater interest in the local pharmaceutical and life sciences sector, according an article recently published in The Australian.
Foreign investors from the region, particularly China, Singapore and Malaysia, are frequently looking at local deals, swayed by Australia's clinical research and strong regulation, the publication said.