Busan, South Korea – Prestige Biopharma, a Singapore-based biopharmaceutical company, has launched its Innovative Discovery Center (IDC) in Busan, South Korea. The new facility is aimed at enhancing Prestige Biopharma’s capabilities in antibody drug research and development. Located in Busan’s Myungji R&D area, the IDC is set to support a range of initiatives in biopharmaceutical research, including drug discovery, clinical trials, and collaborations with local and international partners.
Prestige Biopharma specializes in the development of biosimilars and innovative antibody drugs. The IDC in Busan represents the company’s first major foreign-invested biopharmaceutical R&D center in South Korea, intended to strengthen its research pipeline and foster local biotech talent. The center, built with an investment of 211.9 billion KRW (approximately 160 million USD), will also be a key part of the city’s Advanced Investment Zone, designated for high-impact industries.
Founded in 2015, Prestige Biopharma has established a reputation for its biosimilar portfolio, which includes drug candidates such as Tuznue®, a trastuzumab biosimilar that recently received positive feedback from the European Medicines Agency (EMA) for commercialization. The IDC expands Prestige Biopharma’s existing R&D operations in Singapore and Korea, focusing on antibody drug development in areas of high medical need.
CEO Koh Sang-seok emphasized IDC’s importance to the company’s strategy, noting, “The IDC builds on our commitment to innovative drug development, with a focus on delivering more accessible, high-quality biopharmaceuticals. With this center, we aim to advance our research on promising antibody treatments while strengthening our collaboration with the broader biotech community.”
The center will serve as a research hub, allowing Prestige Biopharma to explore treatments across its portfolio, including the pancreatic cancer drug candidate PBP1510 (ulenistamab), which has been granted Orphan Drug Designation by the U.S. FDA, EMA, and Korea’s Ministry of Food and Drug Safety. Clinical trials for this drug are currently underway in the U.S., Europe, and Asia, and it will be further developed at the Busan IDC alongside other therapeutic candidates.
Busan’s Mayor, Park Heong-joon, highlighted the IDC’s potential impact on the local economy and workforce development. “Prestige Biopharma’s investment reflects Busan’s growth as a center for biotechnology. This facility will support the local economy, create skilled jobs, and strengthen ties between industry and academia,” said Mayor Park. The facility is expected to generate 1,722 jobs over time and support regional industry growth through open collaboration with nearby universities and research institutions.
The center’s open innovation model will support joint research projects, where academic researchers and biotech startups can work directly with Prestige Biopharma’s team on new antibody treatments and other therapeutic innovations. The company plans to prioritize hiring local talent, with at least half of its employees coming from the Busan region.
With cutting-edge research facilities, the IDC will drive several key projects, including big data analytics for new biomarker discoveries and AI-driven drug development. This approach is expected to improve research efficiency, focusing on new antibody drug candidates and biosimilars for various complex diseases. Prestige Biopharma’s goal is to create a “Full Value Chain” at IDC, supporting all stages of drug development, from early research to market readiness.
The IDC’s collaborative approach is also intended to anchor a sustainable biotech ecosystem in Busan, supporting growth for local biotech companies and providing research opportunities for students in biosciences. The facility’s focus on open innovation and data-driven approaches to R&D aligns with Prestige Biopharma’s broader mission to expand patient access to biopharmaceuticals globally.
Prestige Biopharma’s Innovative Discovery Center in Busan underscores the company’s commitment to expanding its research network and strengthening Korea’s biopharmaceutical landscape. With a focus on innovative antibody drug development and strong support from the local government, the IDC is positioned to contribute to both global healthcare advances and the local economy. The new facility also reflects Busan’s increasing role as a site for high-impact biotechnology investments, reinforcing its potential as a regional biotech hub.
