Korean biotech firm Genexine announced Friday that the company has submitted a biologics license application to the country's Ministry of Food and Drug Safety for the company’s anemia treatment Efesa. Efesa is intended for the treatment and maintenance of anemia induced by chronic kidney disease with or without dialysis. The drug candidate uses GX-E4, a long-acting erythropoiesis stimulating agent. Genexine has used its own hyFc fusion protein technology to maximize the half-life of t

Industry Jan. 26, 2024

The Cha Vaccine Institute, a vaccine development arm of Cha Medical and Bio Group, has developed its own messenger RNA delivery system which does not require frozen storage, the company said Friday. The firm expects that Lipoplex would be a more efficient and stable option than lipid nanoparticles, which have been widely used as carriers for mRNA vaccines. Medicines utilizing mRNA have gained traction since the COVID-19 pandemic as they can be designed and produced quickly once the genome of the

Industry Jan. 26, 2024

South Korean health and beauty retailer CJ Olive Young’s derma skin care brand Bioheal Boh and cosmetics and health care goods manufacturer Kolmar Korea have signed a business agreement to collaborate on microbiome skin care products. Under the recent agreement, the two companies will establish a new research lab, dubbed Probio Lab, to accelerate research and development of microbiome-based skin care products. “The latest business agreement is to combine Bioheal Boh’s specialti

Consumer Jan. 25, 2024

Samsung Biologics’ annual operating profit topped 1 trillion won ($749 million) last year for the first time, according to the company’s regulatory filing on Wednesday. Its operating profit came to 1.14 trillion won last year, up 13 percent from the previous year. Sales also surged 23 percent during the same period. The sales figure, in particular, exceeded the full-year earnings guidance the company had announced earlier. The company previously anticipated sales to reach 3.60 trilli

Industry Jan. 24, 2024

Celltrion said Wednesday that the company has signed a business agreement with China’s WuXi XDC to accelerate its development of antibody-drug conjugates. WuXi XDC, a 60:40 joint venture between WuXi Biologics and WuXi STA, is a Chinese pharmaceutical company that provides contract research and development manufacturing organization services, mainly on ADCs and bioconjugates. The latest agreement is an extension of a contract development and manufacturing organization deal signed in Decemb

Industry Jan. 24, 2024

Beer prices at restaurants saw the steepest price hikes last year since the 1998 financial crisis, according to the Korean Statistical Information Service on Tuesday. The consumer price index for beer products at restaurants increased to 114.66 points last year, up 6.9 percent from a year ago. The growth rate was the highest since the 1998 financial crisis when the CPI for beer soared by 9.7 percent. In the meantime, the prices of beer products sold at discount or convenience stores saw 2.9 perc

Consumer Jan. 23, 2024

Samsung Bioepis, a biosimilar developer under Samsung Group, said Monday that the company's rare blood disease treatment, Epysqli, has won marketing authorization from South Korea's medicine authorities. Epysqli, a biosimilar close to AstraZeneca's Soliris (eculizumab), is a treatment for patients with paroxysmal nocturnal hemoglobinuria (PNH), a rare disease where red blood cells prematurely break apart. Samsung Bioepis expects that the domestic launch of the biosimilar will impr

Industry Jan. 22, 2024

South Korea's exports of kimchi products reached an all-time high in 2023 amid increasing interest in the country’s culture globally, data showed Sunday. According to the data compiled by the Korea Customs Service, outbound shipments of kimchi came to 44,041 tons, up 7.1 percent from the previous year’s 41,118 tons. The previous record was 42,544 tons set in 2021. In terms of value, exports of kimchi last year came to some $156 million, up 10.5 percent from $148 million tallied

Industry Jan. 21, 2024

South Korea sent arms exports worth more than 1.5 trillion won to Poland last year, according to data compiled by a trade association, Wednesday. Backed by the increase in arms exports, Poland has also become the source of South Korea’s fifth-biggest trade surplus after the United States, Vietnam, Hong Kong and India. The Korea International Trade Association’s data said the combined exports to Poland reached $9 billion in 2023, up 14.8 percent from the previous year. The growth is l

Industry Jan. 17, 2024

OCI Group, a chemical, solar power and electric car battery material maker, looks to merge with drugmaker Hanmi Pharmaceutical Group, as the two entities seek business synergies to create the Korean version of Bayer, the German chemicals-to-pharmaceuticals giant. On Friday, OCI Holdings and Hanmi Science, the holding units of the two entities, made a surprise announcement that they were merging through a stock acquisition and new share issuances. Under the agreement, OCI Holdings is to acquire a

Industry Jan. 16, 2024

Celltrion said Friday that the company’s biosimilar products for autoimmune diseases -- Yuflyma and Remsima -- are set for further expansion in key European markets following the multiple bids it has secured there. Celltrion said that Yuflyma, a copycat version to AbbVie’s Humira, won state bids for adalimumab in Friuli-Venezia Giulia and Sicily, Italy, last year. Celltrion will supply Yuflyma for four and a half years in FVG and for two years in Sicily. Including the recent deals, Y

Industry Jan. 12, 2024

Samsung C&T has completed the construction of a 118-story skyscraper in Malaysia, the second-tallest building in the world, the company said on Thursday. The construction and trading firm under Samsung Group held an opening ceremony on Wednesday for finishing Merdeka 118, a 679-meter complex building in the central area of Kuala Lumpur. “Samsung C&T has solidified its leading position in the high-rise construction sector through completing both the world’s first and second ta

Industry Jan. 11, 2024

Hana Bank announced Thursday that the company would provide 355.7 billion won ($270 million) in financial support for small business owners, who are struggling with high interest rates and the recent economic setback. Hana Bank said its support program will offer cashback on interest payments, subsidies on utility fees and consulting services to some 300,000 small business owners and self-employed individuals. Hana Bank has allocated 219.4 billion won for a cashback program on interest payments

Economy Jan. 11, 2024

Another wave of price rises planned by luxury brands in South Korea has stirred up questions about whether their high price tags will indeed see consumers in the world’s biggest luxury goods market continue to open their wallets. Hermes, one of the highest-priced fashion brands, kicked off the new year by raising its prices, with many other brands expected to follow suit this month. The French luxury fashion house's Oran sandals now cost 3.52 million won ($2,685), up 44 percent from l

Consumer Jan. 10, 2024

Samsung C&T announced Tuesday that the company signed a memorandum of understanding with Flagship Pioneering, a US-based bio platform company, to expand its investment to foster biopharmaceutical innovation through the fund it jointly formed with Samsung Biologics. Since its launch in 2000, Flagship Pioneering has originated and fostered more than 100 scientific ventures, resulting in more than $70 billion in aggregate value. The company is also widely known for its early investment in Moder

Industry Jan. 9, 2024