Premier Partners has been chosen as the manager of the K-Bio and Vaccine 2nd Fund.

The Ministry of Health and Welfare said Friday that it has selected Premier Partners as the lead manager of the K-Bio and Vaccine Fund No. 2 and will proceed with the priority formation process for the currently raised 111.6 billion won ($83.2 million).

The prioritized decision process means the investment will be initiated early if the fund is raised above the minimum amount.

The ministry held open bidding to select a manager for the 150 billion won K-Bio and Vaccine Fund No. 2 from Aug. 31 to Sept. 15 through Korea Venture Investment and selected Premier Partners through document review, on-site due diligence, and PT screening.

Premier Partners had already raised 59.1 billion won through the Workers' Compensation Insurance Fund when it applied for the open bid for managers. This selection will raise 111.6 billion won, including the additional investment of 52.5 billion won from the government and the Industrial Bank of Korea.

As a result, the investment amount raised by Premier Partners meets the minimum formation standard of 105 billion won and will be prioritized for formation. Investment execution is expected to begin in December through the agreement of fund rules and the formation meeting.

In November, the ministry and Premier Partners will hold an investment briefing for bio-health companies to expedite investment execution.

In addition, the ministry will organize and operate the tentatively named Global Advance Council to promote the global expansion of domestic pharmaceutical and bio companies, strengthening communication with the field and expanding investment in the bio-health sector.

"We hope that the prioritized formation of this fund will revitalize the bio-health investment market and provide momentum for domestic biopharmaceutical companies to develop new drugs and go global," Vice Minister of Health and Welfare Park Min-soo said.