(From left) Lee Won-jae, Korean head of the Yozma Group and co-head of Yozma Bio Science Holdings, and Terence Loh, head of Novena Life Sciences Pte., pose for a photo after signing an agreement on cooperation between the two in this picture taken last Friday. [Photo by Mirae SCI]
Israeli venture capital firm Yozma Group and Korea’s Kosdaq-listed firm Mirae SCI announced on Sunday they have launched Yozma Bio Science Holdings that will support technical transfer and commercialization services in Korea.
The launch represents the first visible accomplishment of IGM-Yozma M&A Alliance (IYMA), an M&A platform signed by Institute of Global Management, a Korean education program developer for top executives, and Yozma Group in order to support M&A deals for Korean and Israeli startups.
Yozma Holdings aims to transfer promising technologies from the Weizmann Institute of Science, one of the world’s leading multidisciplinary basic research institutions, to Korean companies for commercialization. Yozma Holdings will also play an instrumental role in investment into Korea’s biotech startups, and consulting and global networking for them.
A Yozma Group official said that technologies from the Weizmann Institute are rapidly transferred to research centers of global pharmaceutical companies operating in Israel and this will soon be taking place in Korea.
The institute developed multiple sclerosis drug copaxone and multiple other blockbuster medicines. It generated 42 trillion won ($37.78 billion) in related sales from technology transfer last year alone, of which 3.6 trillion won was credited to novel medicine and biotech areas.
By Won Ho-sup and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]