BARCELONA, Spain -- By Kim Chan-hyuk Korea Biomedical Review correspondent -- "With the completion of the 33,000-square meter Innovative Discovery Center (IDC) in Busan in the first half of next year, we will further accelerate the R&D of new drugs and new biotechnologies through open innovation."

On Tuesday, local time, Prestige Biopharma Group held a news conference at its booth at CPHI Worldwide 2023 in Barcelona, Spain, in which CEO Park So-yeon presented the group's vision and goals.

According to Park, the group plans to divide the role of its branches.

Under the plan, Busan Innovative New Drug Research Institute will be the group’s new drug development hub, Prestige Biopharma in Singapore will be clinical and licensing headquarters, and Prestige Biologics in Osong, North Chungcheong Province, will be its contract development manufacturing organization (CDMO).

Park emphasized that Prestige Biopharma and Prestige Biologics have established a full value chain covering the entire life cycle of pharmaceuticals instead of remaining as just the development and production of biosimilars and antibody drugs, as the group declared when it went public in 2021.

Park also revealed the role and goals of the Busan Innovative New Drug Research Center, under construction in the Myeongji District, Busan. The IDC will cover more than 31,000 square meters (9,400 square feet), with one basement and six floors above ground, and is scheduled for completion next May.

"IDC is the largest research center in Korea that develops biopharmaceuticals rather than synthetic drugs. It was selected last month as a high-tech investment district selected by the Ministry of Trade, Industry and Energy and managed by Busan City,” Park said. “In the future, we will become a global drug development hub to develop a number of antibody drugs and biosimilars."

Prestige Biopharma Group plans to promote its open innovation strategy through IDC. In May, the company partnered with Dong-A University for research collaboration. IDC has about 25 doctoral-level researchers leading research, and the company plans to replenish its staff to the 70 doctoral-level workforce by 2030.

Besides, Park unveiled a pipeline of 11 antibody drugs in the discovery stage. Prestige Biopharma is developing PBP1510, an antibody therapy for pancreatic cancer, and PBP1710, an antibody therapy for intractable solid tumors.

"Upon completion of the IDC, we will hold an opening ceremony to announce the launch of Korea's largest biopharmaceutical innovative new drug research center, inviting global partner executives, organizations, and reporters, including officials from the U.S. company Cancer Moonshot, which we recently joined," Park said.

Park added that she looks forward to seeing it become a global hub for new drug development rather than a small research center in a maritime city in Korea’s southeastern belt.