[THE INVESTOR] Korean biotech firm Codi M said on May 15 it has named James Philipson, a senior executive at Merck, as board member in a bid to pursue licensing deals with the US pharmaceutical giant.
Philipson, vice president of strategic planning and commercial assessment at Merck, has been working at the drug giant for the past 30 years and will hold the additional post at Codi M.
The Korean firm expects the Merck executive will help it expand its drug developing business through license and acquisition deals.
“This is a meaningful step for Codi M to establish a bridgehead for entering overseas markets,” a company official said.
Codi M was established in 2011 as a semiconductor and display equipment manufacturer and then transformed itself into a biotech firm by forging partnerships with Korean medical centers from 2016.
It also started a startup firm Wmbio with Asan Medical Center to develop predictive biomarker-driven cancer therapy while working with Samsung Medical Center to commercialize peptide-based immunotherapy under their joint venture Biopep.
The company has a pipeline of drug candidates for colorectal cancer, rheumatoid arthritis and inflammation diseases. Codi M plans to push for licensing deals with big pharma companies for the potential drugs from 2018, it said.
By Park Han-na (firstname.lastname@example.org)