Daewoong Pharmaceutical seeks partners for open innovation, launches startup contest

[Financial News] Daewoong Pharmaceutical announced on the 9th that it is recruiting the fifth cohort for its InnoBear Contest to discover promising startups in pharmaceuticals, biotechnology and healthcare, and to pursue joint growth. Applications will be accepted until February 28.
The InnoBear Contest is Daewoong Pharmaceutical’s flagship open innovation program, now in its fifth year. It identifies startups with original technologies and ideas and supports them through each stage, from startup assistance and technology collaboration to strategic investment and joint development.
The contest covers nine areas: small-molecule drugs, AI and platform technologies, biopharmaceuticals (antibodies and proteins), gene therapies, cell therapies, organoids, drug delivery systems (DDS), medical devices and healthcare, and companion animal healthcare. A broad range of technologies that can create synergies with Daewoong Pharmaceutical’s mid- to long-term R&D strategy are included.
Daewoong Pharmaceutical plans to give preference to companies that match the specified technology needs, have prior collaboration experience with Daewoong Pharmaceutical or Daewoong Group companies, or are based in key R&D hubs such as Daejeon, Gwangju and Pohang.
Selected companies will be given the first opportunity to move into the Daewoong Magok Research Center, which is scheduled for completion in the first half of this year. They will also have opportunities to be linked with the public–private startup support program Tech Incubator Program for Startup Korea (TIPS) and the Tech Investor Program for Scale-up (TIPS for Scale-up), as well as receive various R&D support and preferential consideration for follow-up projects.
Park Sung-soo, CEO of Daewoong Pharmaceutical, stated, “The InnoBear Contest is more than a simple investment program; it aims to build an open innovation ecosystem where startups and Daewoong Pharmaceutical grow together.” He added, “In particular, by connecting with the infrastructure of the Magok research center to be completed in the first half of the year, we will provide an environment where our partners can focus on R&D, and through collaboration with companies in major R&D hub regions, we will lead future innovation in healthcare.”

wonder@fnnews.com Jung Sang-hee Reporter