Time Rowe, CEO of Cambridge Innovation Center, left,  poses with Oh Sang-hoon, CEO of CHA Biotech, after signing a memorandum of understanding to establish an open innovation center, at the CHA Bio Complex in Pangyo in Seongnam, Gyeonggi Province, Thursday. Courtesy of CHA Bio Group

CHA Bio Group signed a memorandum of understanding with U.S.-based Cambridge Innovation Center (CIC) to establish an open innovation center focused on research and innovation within currently-building Cell Gene Biobank (CGB) in Pangyo in Seognam, Gyeonggi Province, the bio group said Friday.The group said the two sides agreed to cooperate in building an innovative bio-industry ecosystem by attracting and supporting bio ventures and related companies to CGB.CGB will be the largest single facility in the cell and gene therapy industry, with a total area of 66,115 square meters.The bio group is scheduled to complete the facility in December 2025.Under the agreement, CHA Bio Group will attract both home and overseas R&D center, as well as bio ventures with high growth potential to CGB to help them procure investment.

CIC will provide world-class consulting services to help organizations residing in CGB attract investment and develop customized programs to create an ecosystem.“CIC has the experience and expertise in attracting global pharmaceutical companies, major universities, and venture capitals to form a bio cluster and achieve technological innovation in various fields,” Oh Sang-hoon, CEO of CHA Biotech, said. “Together with CIC, CHA Bio Group aims to accelerate the globalization of Korea’s biotech industry by attracting innovative companies.”“Pangyo Technovalley is an important hub of the Korean biotech industry, concentrated with excellent talent and technology. We aim to create a leading global biotech cluster by attracting pharmaceutical and biotech companies, as well as R&D centers and venture capitals, to CHA Bio Group’s CGB, similar to the powerful clusters we helped create in Boston and 카지노사이트킹 Philadelphia,” CIC CEO Time Rowe said.

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