“Innovative Discovery Centre(IDC)” of Prestige Biopharma set to be established in Myeongji International City of BJFEZ [ Image Source : Prestige Biopharma ]

The Busan Jinhae Free Economic Zone (BJFEZ) Authority signed a business agreement with Prestige Biopharma Korea and LH(Korea Land and Housing Corporation) to establish the “Innovative Discovery Centre(IDC)”, an R&D center of Prestige Biopharma(PBP), in the Myeongji District, Busan. PBP is a global pharmaceutical company specializing in antibody biopharmaceuticals.

This business agreement is the one more big step for a full-scale start of construction as well as successful investment in the IDC after the Investment MOU(Memorandum Of Understanding) signing of BJFEZ Authority, Busan Metropolitan City, PBP, and LH on May 18th.

The IDC, which will lead the future vision for PBP through activities such as the development of antibody therapeutics including pancreatic cancer treatment and the development of cutting-edge vaccine technology, will be built with a total floor area of 34,000㎡ on a site in Myeongji International City in BJFEZ.

Under this business agreement, the BJFEZ Authority will provide PBP with administrative support related to permits required for the construction of the IDC, and LH will supply a site for research facilities in Myeongji International City through a land sale contract. PBP Korea, which was founded as a new foreign-invested company for the establishment of Myeongji IDC, also promised to faithfully implement its investment plan.