April 27, 2024

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[THE INVESTOR] South Korean biopharmaceutical company Celltrion and Mirae Asset Financial Group will jointly set up a venture capital fund worth 150 billion won (US$129.75 million) for future growth industries such as biotech and artificial intelligence, the companies said on March 6. 

The financial group's affiliates Mirae Asset Daewoo and Mirae Asset Capital will chip in 67.5 billion won and 7.5 billion won each while Celltrion will commit 75 billion won for the fund, aiming to foster startups engaged in health care and biotechnology.

Mirae Asset Capital, an investment unit of the group specialized in new technology sectors, will manage the fund for the next seven years.

“We will make investments in biotech and health care companies focused on biomaterials, new biologics, incrementally modified drugs and medical devices,” Mirae Asset said.

This is a part of the financial group Chairman Park Hyeon-joo’s plan to invest 1 trillion won every year for 10 years by creating a new growth venture fund with other companies.

The group’s brokerage unit Mirae Asset Daewoo also said it will commit 50 billion won in a venture fund for food and logistics services in which GS Retail, which runs convenience stores and supermarkets, has agreed to invest 45 billion won.

By Park Han-na (hnpark@heraldcorp.com)