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The Korea Herald

Bio & Medicine

July 05, 2019
Head of Samsung BioLogics resummoned by prosecutors

Kim Tae-han, president and CEO of contract drug manufacturer Samsung BioLogics, appeared again before prosecutors on July 5 to be questioned about whether he abetted the destruction of evidence in an accounting scandal at the company. Kim, who has headed the Samsung Group company since its foun...
July 03, 2019
Govt revokes permit for gene therapy drug Invossa

South Korea’s drug authorities on July 3 revoked the permit for gene therapy drug Invossa for mislabeling and the false reporting of an ingredient used. The Ministry of Food and Drug Safety said it made the final decision banning the production and sales of Invossa after it canceled the licens...
June 30, 2019
[Bio Startup] Avellino Labs aims to set example for Kosdaq listing of US firms

Thinking of undergoing vision-sharpening surgery but scared if things would go awry as you grow older? Taking cue of such concerns among people contemplating lasik surgery, genetic services provider Avellino Labs, headquartered in Palo Alto, California, has developed a DNA diagnostic kit which the ...
May 29, 2019
Kolon shares plummet as ministry revokes Invossa license

Shares of Kolon Group ’s bio affiliates plummeted after South Korea’s drug authorities canceled the license for gene therapy drug Invossa on May 28. According to the Ministry of Food and Drug Safety, the decision was made as the drug maker intentionally mislabeling an ingredient used in its ne...
May 20, 2019
Syntekabio gears up for IPO this year

Korean new drug developer Syntekabio is preparing to go public, after receiving approval for a drug candidate from CJ Healthcare, according to industry sources on May 20. The company has picked KB Securities as its IPO manager. Syntekabio is hoping to go public before the year-end but declined to ...
May 16, 2019
Prosecutors raid Samsung office in accounting scandal

Prosecutors raided a task force office of Samsung Electronics on May 16 as part of an investigation into allegations that Samsung Group may have ordered accounting fraud by its biopharmaceutical unit. The investigators were sent to the task force office in charge of business support work for ch...
May 13, 2019
Retail investors file damage suit against Samsung BioLogics

More than 350 individuals who own stocks of Samsung BioLogics have filed a damage suit against the Samsung Group unit over its alleged accounting fraud, judicial officials said on May 13. In the class action suit filed with the Seoul Central District Court late last month, a group of 355 retail...
May 07, 2019
Celltrion Healthcare logs highest salary among listed firms

Celltrion Healthcare, an affiliate of major biopharmaceutical firm Celltrion, had the highest average salary among listed firms in South Korea in 2018, data showed on May 7. The firm, which handles Celltrion’s overseas business, paid its 130 employees an average 241 million won ($206,000) last...
May 02, 2019
Wired Partners mulls acquisition of Kyung Nam Pharm

A local private equity firm Wired Partners is considering joining the bid for acquiring Kyung Nam Pharm , a local drug maker known for its vitamin supplement Lemona, according to industry sources on May 2. The PEF is reportedly having last minute discussions about participating in the main bid f...
May 02, 2019
Boryung Pharma’s Kanarb expands presence overseas

South Korea’s Boryung Pharmaceutical announced on May 2 that it has launched its flagship hypertension drug Kanarb in the Philippines. “With our experience of Kanarb’s success in Korea, we aim to make it the family No. 1 hypertension drug line in South Asia and Latin America,” said Boryung P...
May 01, 2019
Celltrion outshines major rivals in R&D-to-sales ratio in 2018

Major biosimilar manufacturer Celltrion ranked at the top among local companies last year in terms of R&D-to-sales ratio, industry data showed on May 1. According to the data by market tracker CEO Score, Celltrion spent 289 billion won ($248 million), or 29.4 percent of its sales, on R&D last y...
April 30, 2019
Why do S. Korean pharma companies fund bio startups?

More and more South Korean pharmaceutical conglomerates are showing interest in funding small bio companies, as they see some merits in doing so. According to the annual reports of local pharma companies last year, Yuhan was the most active in investing in bio firms. “So far, we have invested ...
April 29, 2019
Celltrion wins FDA approval for antibiotics generic in US

Celltrion said on April 29 that it has won approval from the US Food and Drug Administration for its antibiotic generic in the United States. Linezolid is expected to go on sale in the US by the year-end, a move that could heat up competition in the global market, which is estimated to be worth...
April 28, 2019
Daewoong's Nabota receives positive CHMP opinion

Daewoong Pharmaceutical‘s botulinum toxin Nabota received a positive opinion from European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP), on April 26. The CHMP opinion is a scientific recommendation for marketing authorization to the European Commission, which will no...
April 24, 2019
L&K Biomed at risk of being delisted by KRX

L&K Biomed is at risk of being delisted by bourse operator Korea Exchange, according to industry sources on April 24. The South Korean health care company’s stock trading has been suspended, as an external accounting auditor has issued a “disclaimer of opinion” on its internal accounting contro...

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