The Korea Health Industry Development Institute (KHIDI) announced Wednesday that it is openly recruiting companies to participate in the Korea Startup/Biopharma Acceleration Program 2023, which provides opportunities for Korean startups or biopharmaceutical companies to collaborate with Japanese pharmaceutical giant Takeda Pharmaceutical.

The program will promote networking and collaboration between Korean pharmaceutical biotech companies and Takeda.

Specifically, the program will identify Korean startups or biopharmaceutical companies with innovative technologies and capabilities, and provide them with research funding and mentorship opportunities with Takeda's drug development experts.

The program's area of interest is oncology and neuroscience, opening to any pharmaceutical biotech company established and existing under the laws of South Korea.

Participants can submit the application form and other documents through the online registration site by Dec. 4, 2023.

Four companies will be initially selected through document evaluation, and the final winner announcement will be made on February 7, 2024.

Up to two selected companies will receive 15 million yen ($1 million) in research funding and mentorship opportunities with Takeda’s drug development experts for one year.

"Together with Takeda, we have created an opportunity to discover promising companies, and we hope that many companies with excellent technology will participate," said a KHIDI official.

For specific eligibility, visit the Korea Startup/Biopharma Acceleration Program 2023 website.