Protium Science and HK innoN Forge Strategic Investment & Partnership
Protium Science, a South Korean specialist in biopharmaceutical Contract Development and Analysis Organization (CDAO) services, announced on April 4th that it has received strategic investment from HK innoN. Alongside the investment, the two companies have entered into a business partnership agreement to foster cooperation.
Protium Science is a subsidiary of Tiumbio, a company listed on the KOSDAQ and engaged in the development of new drugs. The company offers a comprehensive suite of services for the development and production of biopharmaceuticals, ranging from cell line and culture process development to the manufacturing of active pharmaceutical ingredients and finished products.
It also provides consulting and document preparation services needed for clinical trial applications. Recently, Protium Science has completed the development of analytical methods for peptide therapeutics, including GLP-1 and Antibody-Drug Conjugates (ADCs), and has begun offering these services.
HK innoN has acknowledged the potential for growth and the technical prowess of Protium Science’s CDAO and Contract Development and Manufacturing Organization (CDMO) operations, deciding to invest a total of KRW 2 billion recently. This business partnership is set to pave the way for a tightly knit collaborative framework leveraging the technologies and expertise of both entities, aiming to generate synergies for future expansion.
Dalwon Kwak, CEO of HK innoN, expressed enthusiasm about the partnership, stating, “By collaborating with Protium Science, which boasts strong capabilities in biopharmaceutical development, we aim to enhance the biopharmaceutical competencies within Kolma Korea Group, including HK innoN. This collaboration is expected to significantly accelerate the development of our biopharmaceutical pipeline.”
Yongho An, CEO of Protium Science, commented, “HK innoN is a leading player in the pharmaceutical and biotech industry in Korea, with a portfolio that includes the top gastroesophageal reflux disease medication, K-CAP Tab, among other specialized pharmaceuticals. This investment marks the beginning of our long-term collaborative relationship, through which we will dedicate our efforts to achieve mutual business success.”
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