Daejeon Metropolitan City is doubling down on its ambition to become a premier science and economic hub in South Korea, evidenced by a recent high-profile visit to Alteogen Inc., a national leader in the biopharmaceutical sector. This visit, the first in this year's "Daedeok Innopolis Private Research Institute and Company Visit" series, underscores the city's strategic focus on nurturing its burgeoning bio-industry.

On Tuesday afternoon, Mayor Lee Jang-woo of Daejeon met with Dr. Park Soon-jae, CEO of Alteogen, at the company's headquarters. The discussions centered on the current operational landscape for Alteogen and explored potential collaborations to further invigorate Daejeon's regional bio-industry.

Alteogen, since its inception in 2008, has carved a niche for itself with groundbreaking platform technologies, notably in the realm of biopharmaceutical formulation modification. Its Hybrozyme® technology, enabling subcutaneous delivery of biologics, has garnered significant international interest. The company's NexMab® antibody-drug conjugate platform and the development of ALT-L9, a long-acting growth hormone, further exemplify its innovative prowess. Alteogen's strategic technology transfer agreements with global pharmaceutical giants, often involving substantial potential milestone payments, have firmly placed it on the global biotech map as a leading K-biotech enterprise. Based and grown in Daejeon, Alteogen is recognized as a vital engine for the local bio-industry's advancement.   

Mayor Lee lauded Alteogen's pivotal role in the national biotech landscape, stating, "Alteogen stands as a flagship biotech company in Daejeon, significantly influencing the KOSDAQ market. Our city's proactive initiatives, including the strategic attraction of Merck's bioprocessing production center, the development of a specialized bio-complex, and the operationalization of the Daejeon Investment Finance Corporation, are all integral components of our strategy to elevate the global competitiveness of our regional bio-industry."

He further articulated the city's long-term vision, emphasizing, "The current municipal administration has identified the bio-industry as a critical driver of future growth. Daejeon's robust ecosystem, currently home to 65 listed companies, with an impressive 27 operating in the biotech sector, clearly positions us as a specialized hub for this vital industry." This concentration of biotech expertise within the city provides a fertile ground for innovation and collaboration.

Mayor Lee conveyed a strong commitment to fostering a supportive environment for biotech companies, pledging, "Daejeon City is dedicated to enhancing on-the-ground communication to encourage greater investment and deeper integration of companies like Alteogen within our region. We are committed to providing comprehensive support across funding, research endeavors, and talent development, empowering these companies to achieve significant breakthroughs on the global stage." The Daejeon Investment Finance Corp. is expected to play a crucial role in providing the necessary financial backing for both emerging and established biotech firms.   

The establishment of a bio-specialized economic zone or complex within Daejeon is another key initiative aimed at creating a synergistic ecosystem. This zone is envisioned to colocate research institutions, universities (including the prestigious Korea Advanced Institute of Science and Technology - KAIST, and Chungnam National University), and biotech companies, fostering collaboration, streamlining regulatory processes, and offering attractive incentives for growth. The presence of Daedeok Innopolis, a well-established science and technology cluster, provides a strong foundation of research infrastructure and a skilled talent pool that the bio-industry can readily leverage.

The planned Merck Bioprocessing Production Center in Daejeon is poised to be a game-changer for the region's biomanufacturing capabilities, attracting further investment, technological expertise, and high-quality jobs. This facility is expected to enhance Daejeon's appeal as a global biotech hub and create significant synergies with local biotech companies like Alteogen.

Concluding his remarks, Mayor Lee underscored the dynamic nature of the biotech sector, asserting, "In the bio-industry, the speed of innovation and execution is paramount. Daejeon City is committed to implementing bold and swift policies to firmly establish itself as the preeminent bio-hub city of South Korea." This proactive stance and commitment to rapid progress signal Daejeon's determination to capitalize on the immense potential of the bio-industry and solidify its position as a leading force in the global biotech landscape. The visit to Alteogen serves as a clear indicator of Daejeon's dedication to working closely with key industry players to achieve this ambitious goal.

[Copyright (c) Global Economic Times. All Rights Reserved.]