[THE INVESTOR] Hanmi Pharmaceutical has signed a licensing agreement with Genentech, a subsidiary of Roche, to develop and commercialize HM95573, a new drug candidate for targeted cancer therapy, it announced on Sept. 29. Genentech will own exclusive rights to develop and commercialize HM95573 worldwide except for South Korea, and will pay US$80 million upfront and US$830 million in milestone payments. The full agreement has not been disclosed. HM95573 is a second generation inhibitor of RAF kin

Sept. 29, 2016

[THE INVESTOR] GE Healthcare will establish its APAC Fast Track Center in Incheon and invest 24 billion won (US$21.97 million) by 2020, it announced on Sept. 29 at a press conference in Seoul.South Korea was chosen for the first Asia-Pacific center as it has a great potential and leading companies in bio processing and biomedicine industries, said Kieran Murphy, president and CEO of GE Healthcare Life Sciences, a bio molecular medicine subsidiary of General Electrics. In the last five years, the

Sept. 29, 2016

[THE INVESTOR]  Medytox  announced on Sept. 29 that its botulinum toxin and fillers have won approval for sales in four Central and South American countries this year.The South Korean biopharma company’s botulinum toxin Medytoxin was granted permission in Chile and Mexico in July and August, respectively. The neurotoxin, commonly known as Botox, is injected mainly for cosmetic purposes such as reducing wrinkles. Multiple types of its hyaluronic acid filler, mainly used to plump, soften and reduc

Sept. 29, 2016

[THE INVESTOR] Samsung C&T’s fashion division announced on Sept. 29 that it will open a flagship store the following day for its SPA brand 8seconds in downtown Shanghai. The two-story building with 3,300 square meter area will not only showcase the complete range of 8seconds but also will house seven homegrown cosmetics, accessories and stationery brands, so that customers can experience various aspects of K-style, said the company.The South Korean fast fashion line has been eyeing the Chinese m

Sept. 29, 2016

[THE INVESTOR] Energy and chemical company OCI announced on Sept. 28 that it will acquire 16.5 percent stake in Tokuyama Malaysia to strengthen its solar panel business. It will take over 50 million shares of the manufacturer of polysilicon, a material used in solar panels, next month for US$24 million.  Polysilicons produced by OCIAlthough it will not participate in the management right away, the South Korean company is reviewing taking over the entire stake of the Malaysia-based firm that is w

Sept. 28, 2016

[THE INVESTOR] HDC Shilla Duty Free announced on Sept. 28 that it will participate in the bid for a license to operate a new downtown duty-free store in Seoul. The deadline for receiving applications is Oct. 4.The firm is a joint venture between Hotel Shilla, led by Samsung Chairman Lee Kun-hee’s elder daughter Lee Boo-jin, and Hyundai Development.  It hopes to open a store in IPark tower in southern Seoul if it wins the bid. This will be HDC Shilla Duty Free’s second outlet, after it successful

Sept. 28, 2016

[THE INVESTOR] Kakao announced on Sept. 27 that Chairman Kim Beom-su has pledged to donate his 30,000 shares to nonprofit organization ARCON to help young people find the right jobs. The shares will be donated at the rate of 10,000 a year over three years to arts & community network.Kim has also donated 30,000 shares to Ashoka Foundation Korea for its project to develop educational innovators in the country in July.By Hwang You-mee (glamazon@heraldcorp.com)

Sept. 28, 2016

[THE INVESTOR] As the deadline for submitting bids for four additional downtown duty-free stores draws near, potential bidders are readying themselves more resolutely than ever.Four licenses will be granted by the Korea Customs Service, three for conglomerates and one for a small and medium enterprise.Duty-free stores have been a cash cow for many operators amid the rising influx of Chinese tourists, with total revenue of the outlets reaching US$967.94 million in August alone, according to Korea

Sept. 28, 2016

[THE INVESTOR]  Daewoo Shipbuilding and Marine Engineering’s CEO Jung Sung-leep went to Dubai hold a negotiation with the Angolan state-owned oil firm over 1 trillion won (US$990 million) dues last week, but failed to resolve the issue, according to the company on Sept. 27. The South Korean shipbuilder has completed building two drill ships, set to be delivered in June and July, respectively, but due to financial difficulties, the Angolan company has postponed the delivery. The companies have ag

Sept. 27, 2016