This photo provided by Celltrion Inc. on July 17, 2020, shows bottles containing the company’s candidate material for COVID-19 treatment.
SEOUL, May 3 (Korea Bizwire) — South Korean drug and biotechnology companies are speeding up efforts to explore new growth engines to cope with the shift of COVID-19 from pandemic to endemic.
Pharmaceutical giant Celltrion Inc. aims to launch its autoimmune disease biosimilar Yuflyma in the United States this year. It also made an equity investment in Britain’s antibody drug conjugates (ADCs) maker Iksuda Therapeutics last year.
SK Bioscience Co., which developed the nation’s first coronavirus vaccine, is on track to develop a nasal spray combo vaccine targeting both the flu and COVID-19.
In addition, the company announced a plan to launch into new business, including cell and gene thereapy, as well as to expand overseas business at a press conference it held in March.
COVID-19 testing kit developers, who enjoyed a boom time thanks to the pandemic, are also beefing up efforts to find a new growth path.
SD Biosensor Inc. acquired Brazilian diagnosis firm Eco Diagnostica for 47 billion won (US$37.1 million) in November last year.
It also acquired Bestbion, a Germany-based diagnostic products distributor for 16.1 billion won in March and Relab SRL, an Italian medical device distributor, for 61.9 billion won in April.
Molecular diagnostics company Seegene Inc. is also expanding R&D investment and expanding the supply of products that can test for both the flu and COVID-19, as part of efforts to better prepare for endemic.
J. S. Shin (js_shin@koreabizwire.com)
