Prestige BioPharma opens Korea’s largest innovative drug R&D center in Busan

Prestige BioPharma, headquartered in Singapore, has completed its new R&D control center, the Prestige BioPharma Innovative Discovery Center (IDC), in Myeongji International City, Busan. The center, a wholly-owned subsidiary of Prestige BioPharma, aims to drive forward the company’s innovative drug development.

“This completion marks Korea’s largest biopharmaceutical research center in Busan, which we expect will bolster the region’s biotech sector on the global stage,” said Lee Jun-seung, the vice mayor of administrative affairs of Busan Metropolitan City, at the center’s official opening ceremony on Wednesday. 

The event hosted over 300 attendees, including executives from Prestige BioPharma, government representatives, and officials from the Ministry of Trade, Industry, and Energy, the Busan Metropolitan City, and Gangseo-gu Office. Lee added that Busan would provide “full support” to accelerate bio R&D efforts at IDC’s open innovation lab.

Spanning 31,000 square meters and designated as an “Advanced Investment Zone" by the Ministry of Trade, Industry, and Energy, Prestige BioPharma IDC includes six floors above ground and one basement level. This facility is the final component in the company’s full value chain system, covering antibody drug development, clinical trials, commercialization, and production.

With IDC’s launch, a Prestige BioPharma official said it plans to strengthen its position as a specialized developer of antibody drugs, focusing on its pipeline of 16 antibody drug candidates, including PBP1510, a pancreatic cancer antibody therapeutic candidate currently in phase 1/2a clinical trials in Spain and the U.S., and PBP1710, which is in preclinical stages. IDC also aims to pioneer new antibody-drug conjugate modalities.

An open innovation space on IDC’s second floor will promote partnerships with universities and biotech firms, which IDC said will help reduce development costs and enhance collaboration. IDC CEO Koh Sang-seok emphasized the goal of establishing IDC as a global hub for innovative drug discovery in this advanced research environment.