JW Group said Wednesday that it signed an agreement with ARCH Venture Partners, a U.S. venture capital, to promote open innovation strategies with global bio companies.

Under the accord, JW Group will receive ARCH Technical Service (ATS) programs, which provide promising biotech and technical information for strategic investors interested in business cooperation with global venture companies.

Arch Venture Partners is the largest venture capital in the U.S. that invests in companies with innovative technologies in the early stages of healthcare.

It has won recognition for commercializing technologies developed by academic institutions, corporate research institutes, and national research institutes. It also introduced innovation in life science and physical science to the market by investing in companies jointly established by major scientists and entrepreneurs.

This is the first time a domestic pharmaceutical company has joined the U.S. bio-health VC for open innovation and basic research.

JW Group plans to research low-molecular synthetic drugs, modality, data science, medical and device diagnostic, and nutrition in consideration of each company's R&D areas, such as JW Life Sciences, JW Bioscience, JW CreaGene.

"ATS is a program for strategic investors to build investment and business development results worldwide. We will strengthen our partnership to help JW Group's global open innovation strategy succeed in the future." Keith L. Crandell, a co-founder of Arch Venture Partners, said.

JW Group CTO Park Chan-hee said, "JW aims to build a sustainable cooperation model that creates synergy by combining it with its platform to create R&D results."

JW Group said it will focus on establishing research organizations and securing differentiated technology based on the specialized business structure of each affiliate. It also strives to develop new global innovative drugs, develop IVF technologies and improve services, and develop advanced precision in vitro diagnostic devices.