Incheon: Samsung Biologics Co., the biotech division of Samsung Group, announced a strategic agreement with U.S. pharmaceutical leader Eli Lilly and Co. to establish a biotech incubator in Incheon.
According to Yonhap News Agency, this collaboration will result in the creation of a new location for Eli Lilly's Lilly Gateway Labs within Songdo, an international business district in the port city. Lilly Gateway Labs, first introduced by Eli Lilly in 2019, aims to support burgeoning biotech firms by providing access to facilities and equipment, financial resources, and opportunities for research and development collaboration.
The planned biotech hub is set to be housed in Samsung Biologics' new innovation center, which is slated to open its doors in 2027. This initiative underscores the commitment of both companies to foster innovation and growth within the biotech industry.