Prestige Biopharma's Busan Innovative Drug Discovery Center (IDC) Designated as Advanced Investment Zone


Prestige Biopharma's Busan Innovative Drug Discovery Center (IDC) Designated as Advanced Investment Zone

Key Initiative Under Materials, Components, and Equipment 2.0 Policy... Tax Benefits and Research Support Expected

Prestige Biopharma (CEO So-yeon Park), an antibody biopharmaceutical company, announced that its innovative drug discovery center in Busan, "Prestige Biopharma IDC," has been designated as an Advanced Investment Zone selected by the Ministry of Trade, Industry and Energy and managed by Busan Metropolitan City. Among nine sites across five local governments, Prestige Biopharma is the only pharmaceutical and biotechnology company, and the first domestic pharmaceutical and biotech firm to receive this designation.

 The Advanced Investment Zone designation was applied for by Busan Metropolitan City in April and officially announced by the Ministry of Trade, Industry and Energy on the 8th in accordance with the Industrial Cluster Development and Factory Establishment Act. The designation aims to rapidly accommodate advanced investments (advanced technology, products, and new growth engine technologies) from domestic and foreign companies by providing incentives and other support.

Prestige Biopharma was selected as the sole advanced pharmaceutical research facility alongside Hyundai Motor Company, Kia Autoland's electric vehicle factories, and EnerEver Battery Solution's secondary battery companies. The company is expected to receive various benefits including special subsidies for local investment promotion, regulatory exemptions, and priority support for national fiscal projects.

 Headquartered in Singapore, Prestige Biopharma was listed on the Korea Stock Exchange (KOSPI) in February 2021. In May of the same year, the company began construction of its Innovative Discovery Center (IDC) in Busan's Myeongji district on a site spanning approximately 31,000 square meters with one basement level and six above-ground floors, with completion scheduled for the first half of next year. The company plans to develop into a global drug development hub advancing 12 new drug pipelines and 9 biosimilars. It will share and collaborate on bio drug research, development, and commercialization innovation processes with companies and universities.

 Prestige Biopharma IDC continues research on PBP1510, a pancreatic cancer antibody drug that the company has independently advanced from target discovery through clinical trials, while recently focusing development efforts on a pancreatic cancer diagnostic kit to complete the pancreatic cancer treatment ecosystem. The company is developing pancreatic cancer diagnostic technology utilizing the proprietary target PAUF protein, which is overexpressed in more than 80% of pancreatic cancer patients, creating an integrated approach from diagnosis to treatment with PBP1510.

 Prestige Biopharma CEO Lisa Soyeon Park stated, "I am pleased that we can realize the vision of the Busan Innovative Drug Discovery Center, which we strategically established since Prestige Biopharma's founding to build a full value chain from new drug R&D through clinical trials to manufacturing, with support from the government and Busan Metropolitan City. Our group's goal is 'Innovation for Life' through new drug development, and we ask that you continue to follow our various activities to achieve this."

Source: Pharm News (https://www.pharmnews.com/news/articleView.html?idxno=230377)