JW Group announced on July 13 that it has signed a business agreement with ARCH Venture Partnership, a US venture capital, to strengthen the promotion of its open innovation strategies with global biopharmaceutical companies.

Following this agreement, JW Group will be provided with the ARCH Technical Service (ATS) program of ARCH Venture Partners. ATS provides strategic investors interested in business cooperation with biotech companies of all over the world with the information of promising biotech companies and their technology selected by ARCH Venture Partners.

ARCH Venture Partners is the largest venture capital in the US that invests in the companies possessing innovative healthcare technology at an early stage.

The firm is recognized for commercializing technologies developed by academic institutions, corporate research institutes, and national institutes, and is introducing innovations in life science and physical science to the market by investing in companies jointly founded by major scientists and entrepreneurs.

This is the first time that a Korean pharmaceutical company has entered into a cooperative relationship with a US bio/healthcare VC for open innovation in the area of basic research (discovery stage).

JW Group plans to expand its open innovation partners to global bio companies using the ATS program. Thus far, overseas open innovation has been promoted mainly with hospitals, medical schools, and research institutes.

Considering the R&D areas of companies including JW Pharmaceutical, C&C Research Laboratories, JW Life Science, JW Bioscience and JW Creagene, JW Group plans to search for related joint research partners such as new small molecule synthetic drugs, new biopharmaceuticals, new modality (therapeutic approach), and data science (big data, machine learning).

Mr. Park Chan Hee, CTO (Chief Technology Officer) of JW Group, said, “JW aims to build a sustainable cooperation model that creates a synergy by combining with its own platform and produces R&D outcomes”, and "We will work with ARCH Venture Partners to discover leading overseas biotech companies and achieve successful open innovation results.”

Keith L. Crandell, co-founder of ARCH Venture Partners, said, “ATS is a program for strategic investors, supporting them to successfully achieve the outcomes of build investment and business development around the world,” and added, “We will strengthen our partnership so that JW Group’s global open innovation strategy can succeed.”

[WIKI KOREA=Cho Pil Hyun, Staff Reporter]

chop23@wikileaks-kr.org

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