AstraZeneca Korea and Korea Health Industry Development Institute Sign MOU for Open Innovation Collaboration

Operation of the "NOVA Project" to Support Overseas Expansion of Biotech Companies

AstraZeneca Korea announced on the 13th that it has signed a memorandum of understanding (MOU) with the Korea Health Industry Development Institute to promote exchange in the pharmaceutical and bio industries and to activate open innovation cooperation.

Cha Sundo, President of the Korea Health Industry Development Institute (left), and Ahn Jiyoung, Executive Director of Strategy and External Collaboration at AstraZeneca Korea, are posing for a commemorative photo at the "Pharmaceutical and Bio Industry Exchange and Open Innovation Cooperation Activation Agreement Ceremony." AstraZeneca Korea

This agreement, signed during the "Global Open Innovation Week 2025" hosted by the Institute and running through the 14th, is part of an open innovation program aimed at supporting the overseas expansion and growth of domestic companies. The main focus is on collaboration between the two organizations for the operation of the "NOVA Project," in which AstraZeneca Korea introduces the innovative technologies and assets of domestic biotech companies to AstraZeneca Global, supporting their overseas expansion and growth.

Under the agreement, AstraZeneca Korea will work closely with AstraZeneca Global to ensure that the innovative technologies and assets of domestic pharmaceutical, bio, and biotech companies are effectively delivered to AstraZeneca Global, thereby expanding opportunities for global partnerships and overseas expansion. The Institute will support the overall operation of the project, including announcements and application collection, identifying suitable companies, and connecting key stakeholders. It also plans to launch a consultative body with leading domestic venture capital firms and to share and recommend a list of optimal companies within VC investment portfolios.

The program will operate through a dual-track system: an open application track and a VC-linked track. In the open application track, applications submitted through the Institute’s announcements will be collected and forwarded on a monthly or quarterly basis, and AstraZeneca Korea will provide initial evaluation results and feedback within approximately one month of receiving the information. In the VC-linked track, a global business development review will be conducted for portfolio companies held by leading domestic venture capital firms.

Through this initiative, domestic biotech companies are expected to broaden their global collaboration opportunities based on specific, tailored information regarding AstraZeneca’s areas of interest and to strengthen their capabilities to meet international standards by receiving initial evaluations and feedback directly from global personnel. More than 20 domestic companies per year are expected to receive feedback or collaboration opportunities from AstraZeneca.

Ahn Jiyoung, Executive Director of Strategy and External Cooperation at AstraZeneca Korea, stated, "This agreement will serve as an important stepping stone for domestic biotech companies to realize their innovation and potential as tangible results and advance into the global market. In particular, we will actively seek opportunities for collaboration with companies possessing various advanced technologies, including the rapidly emerging AI bio-healthcare sector, in partnership with the government."

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