Yozma, Mirae SCI set up new bio JV
[THE INVESTOR] Korea’s photoconductor drums manufacturer Mirae SCI said on July 9 that it has set up a biotechnology-focused joint venture with Israeli venture capital firm Yozma Group.
Yozma BioScience Holdings officially kicked off last week at a ceremony in Seoul. The new JV will transfer biology and pharmaceutical technology from Israel’s Weizmann Institute of Science and work with local firms to commercialize the products. Yozma will first focus on introducing anti-cancer drugs developed by Weizmann here. It will also hunt for promising bio startups to support technology development, provide consulting and carry out mergers and acquisitions utilizing Yozma Group’s global network, according to the firm.
Yozma Group Korea, local unit of the Israeli VC, owns 55 percent, or 110,000 shares, of the JV, while the remaining 90,000 shares are held by Mirae SCI.
Yozma Group Korea head Lee Won-jae (left) and Novena Life Science CEO Terence Loh
“Now it has become even more important to absorb new technology through M&As,” said Yozma Group Korea head Lee Won-jae, who also serves as co-CEO of Yozma BioScience Holdings. “Yozma Group, through 30 years of investment experience, is aware of the global technology trend. Utilizing Weizmann’s technology, Yozma BioScience Holdings will commercialize and make investments focusing on the global trend.”
At the event, Yozma BioScience Holdings also signed a memorandum of understanding with Singapore-based Novena Life Sciences, to commercialize its technology and make investments in startups together.
By Ahn Sung-mi (firstname.lastname@example.org)