Innovative Pharmaceutical Consortium and JNP Medi Collaborate to Establish New Drug Development Support Platform

The Korea Innovative Medicines Consortium (KIMCo Foundation) announced on the 1st that it has signed a mutual cooperation memorandum of understanding (MOU) with JNP Medi (JNP Medi) to establish a joint development and investment platform for global new drug development in the domestic pharmaceutical and bio industries. The KIMCo Foundation is a separate independent foundation established by the Korea Pharmaceutical and Bio-Pharma Manufacturers Association and its member companies for the purpose of joint investment and development to promote new drug development and localization of pharmaceuticals.

Heo Kyunghwa, CEO of KIMco Foundation (left), and Jung Kwonho, CEO of JNP Medi, are taking a commemorative photo at the business agreement ceremony.
[Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association]

Through the agreement, both parties agreed to cooperate on ▲ the establishment and pilot operation of a Virtual Data Room (VDR) ▲ mutual cooperation in technology valuation and joint investment projects ▲ network linkage cooperation for technology development and business growth with secured global competitiveness ▲ and other tasks and system construction for mutual development.

The virtual data room established by JNP Medi is a platform for securely sharing and managing highly confidential information. It plays a key role in licensing between companies and mergers and acquisitions (M&A). In the pharmaceutical and bio industries, it is expected to be used as a core tool to safely share data, research results, and clinical trial information necessary for new drug development, thereby accelerating the development process.

The KIMCo Foundation discussed the virtual data room construction project with JNP Medi as part of the 'KIMCo Track.' The KIMCo Track is a program that supports the entire process for pharmaceutical companies and biotechs, including global clinical development consulting, chemistry, manufacturing, and controls (CMC) consulting, global partner networking, and investment cooperation linkage through domestic and global venture capital (VC). Both companies plan to increase the success rate of global new drug development through the joint virtual data room development project.

Huh Kyung-hwa, CEO of the KIMCo Foundation, said, "In the new drug development process of the pharmaceutical and bio industries, due diligence in various forms such as new investment, licensing, and M&A is essential," adding, "The establishment of a virtual data room and technology valuation for this purpose is an important step." She continued, "Through this agreement, KIMCo will build an efficient and innovative open innovation platform for global new drug development to elevate the competitiveness of the domestic pharmaceutical and bio industries to the next level."

Jung Kwon-ho, CEO of JNP Medi, also said, "In the pharmaceutical and bio industries, license agreements play a role in compensating for the disadvantages of new drug development, which requires a long period of massive funding and a long investment recovery period," adding, "In the case of domestic bio ventures, securing a revenue model through technology transfer at the stage where the pipeline's value stands out allows them to focus on subsequent R&D." He added, "JNP Medi will actively support domestic and international license in-out and partnership acquisition for pharmaceutical and bio companies through the platform jointly developed with KIMCo."

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