BARCELONA, Spain – Prestige Biopharma, a Kospi-listed biopharmaceutical firm based in Singapore, said Tuesday it is seeking to complete its value chain of new drug development with its upcoming research center in Busan.

“Prestige Biopharma’s research and development of antibody drugs will pick up speed after the company opens its new research center in Busan,” Prestige Biopharma Chairman Park So-yeon told reporters at the Convention on Pharmaceutical Ingredients (CPHI) Worldwide 2023, the world’s largest pharma trade show that kicked off earlier this week in Barcelona, Spain.

The new plant, called Innovative Discovery Center or IDC, is currently under construction on a 31,000 square-meter site in the southern port city, with plans for completion by May next year. A total of $152 million has been injected into the construction.

With the completion, the firm’s main R&D unit will be relocated to the new facility. In line with the relocation, its staff members are also expected to surge from the current 55 to some 200 by 2030.

Currently, the firm’s Singapore headquarters is responsible for overseeing clinical trials and regulatory approval of new drugs, while its plant in Osong, North Chungcheong Province, is responsible for contract manufacturing.

Park stressed that the new Busan R&D center will play a key role in completing its value chain encompassing research, development and production of new antibody drugs.

She added the new facility will share floor space with its open innovation partners, including medical schools in the region.

"Open innovation will allow the company to speed up its research and development of new antibody drugs and reduce costs," Park said.

“When the new center is completed, we plan to invite officials from our partner firms, including the CancerX project. The center will become a global hub for new drug development.”

Cancer X is a public-private partnership program part of the Biden administration’s Cancer Moonshot Project. Prestige Biopharma also joined the program in July.

Currently, the company is waiting for regulatory approval for its biosimilars, including its Herceptin biosimilar HD201 and Humira biosimilar PBP1502. For the HD201, the firm has signed a license-out deal with four global partners.