POSCO Inter Signs MOU with Domestic Venture BioApp for Overseas Expansion

[Asia Economy Reporter Suyeon Woo] POSCO International is establishing a strategic partnership to help the domestic venture company BioApp expand its global market reach.

On the 8th, POSCO International (hereinafter POSCO Inter) signed a Memorandum of Understanding (MOU) with BioApp, a bio venture developing plant protein-based vaccines, to collaborate on product development and global market expansion.

Through this MOU, POSCO Inter will support BioApp by arranging overseas clinical trials for pharmaceuticals and related products under development, thereby strengthening product development. At the same time, it will leverage its overseas network and sales expertise to promote market expansion both domestically and internationally.

BioApp is a bio venture company that develops and produces vaccines for human and animal diseases, including the African swine fever vaccine. Unlike existing companies developing animal cell-based vaccines, BioApp is gaining attention for utilizing plant cell-based 'green vaccine' technology.

Overview of the plant cultivation room for BioApp protein production

BioApp is the first company to join the small and medium venture business marketing collaboration portal opened by POSCO Inter in July last year to practice the 'corporate citizenship' management philosophy through support and collaboration with SMEs and ventures. Since then, the two companies have collaborated on using R&D centers and conducting clinical trials in Russia, China, Spain, and other countries for the development of the African swine fever vaccine.

Im Jaesung, Head of the Chemical Fiber Resin Business Division at POSCO Inter, said, "Based on the company's global network and marketing capabilities, we will support BioApp, which possesses independent technological capabilities, to grow into a global company. Through strategic cooperation, we will create a 'win-win' case of fostering excellent venture companies' growth and securing new growth engines for POSCO Inter."

Son Eunju, CEO of BioApp, said, "Through strategic collaboration with POSCO Inter, we will strive to expand the new industry of 'plant green vaccines' that preserve the environment while protecting the health of animals and humans worldwide."

Since opening the small and medium venture business marketing collaboration portal in July last year, POSCO Inter has been supporting domestic small and venture companies facing difficulties in overseas expansion by leveraging its global network of over 80 affiliates and more than 3,800 overseas business partners.

This content was produced with the assistance of AI translation services.