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Biz News Korea(Eng)

JW Group vows to foster C&C Research Labs as global biotech firm

Collected: 2016.09.22

Distributed: 2016.09.23

Source: Go Direct

South Korea’s JW Pharmaceutical Corp. and Japan’s Chugai Pharmaceutical Co. will foster their joint biotech venture C&C Research Labs with a focus on innovative oncology drugs, JW Group chairman Lee Kyung-ha told reporters.

During a press conference held in downtown Seoul on Wednesday, Lee said "C&C Research Labs’ Core Technology Platform is designed to develop innovative novel drugs. We want to build it like Gilead Sciences and Genentech which run their business on in-house developments or out-licensing collaborations.”

The Core Technology Platform analyzes protein information of disease and identifies disease mechanism and compounds to control it.

“To discover or develop new therapeutic molecules, researchers have to screen tens of thousands of protein bindings, but they can significantly reduce the time-consuming procedure with the Core Technology Platform,” Lee explained.

C&C Research Labs, a 50:50 joint venture, was established in 1992 as Korea’s first joint biotech venture. It has been dedicated to discovering and developing novel drugs by injecting 120 billion won ($108.5 million) into basic research over the past 24 years.

By Kim Ki-chul

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