South Korea’s Hanmi Pharmaceutical Group that emerged as a local bellwether in bioengineering and pharmaceuticals through blockbuster out-licensing deals last year announced on Monday that it established investment company Hanmi Ventures devoted to incubate startups in pharmaceutical and biotech fields.

The corporate entity was established on June 29 on initial capital of 10 billion won ($8.7 million) put up by Hanmi Group Chairman Lim Sung-ki and a partner company, an official of the drug-maker said.

The establishment is a part of the so-called Open Innovation the group announced early this year as its corporate agenda. The agenda calls for open platform to pool ideas and innovations from outside for joint advance in the bio and pharmaceutical sector.

Hanmi Ventures will be headed by Lim Jong-hoon, CEO of Hanmi IT Co. and the second son of the chairman. Born in 1977, he graduated from Bentley University, business school in Massachusetts. He was promoted to an executive in the IT department of Hanmi Pharm.

Vice presidents of the drug maker, Son Ji-woong and Kim Jae-sik, were selected as members of board of directors. Hanmi Ventures plans to unearth substances of novel drugs and make strategic investments in the pharmaceutical and bio venture fields. After that, Hanmi Pharm and its holding company Hanmi Science Co. would arrange investment for development in the substances for commercialization and small- and mid-sized makers of new drugs.

Hanmi explained that it created a separate venture capital because a financial entity cannot be placed under a non-financial holding company under local law.

“Hanmi Ventures is a company aiming to invest in the new pharmaceutical and bio-venture fields and explore substances of novel drugs at fledgling stage,” said Lim Jong-hoon, CEO of Hanmi Ventures.

By Lee Dong-in

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