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Posted : 2013-11-12 16:28
Updated : 2013-11-12 16:28

US bio firm ups stake in Korea

By Park Ji-won

Global biotech firm Life Technologies vowed Tuesday to expand its business in Korea, saying that the government's move to nurture the bio industry is a step in the right direction.

"Korea is an important market for us. The government's plan to develop the bio industry is very encouraging," Joydeep Goswami, head of the firm's Asia Pacific and Japan division told reporters.

Goswami was among participants of an opening ceremony for the U.S. firm's new office in Gangnam, Seoul.

The firm has made a massive investment in Korea, acquiring two Korean biotechnology product distributors this year.

"Korea's biotech sector has a huge growth potential. That's why we are focusing on this country," Seok Soo-jin, general manager of Life Technologies Korea said.

Seok refused to disclose details of the investment, but said it is ranked among the top five in the firm's investment history.

The firm provides products and services to Korean customers in four specific sectors ㅡ academia, the pharmaceutical and biotech industry, hospitals and the Korean government.

The company is providing forensic science solutions to the National Forensic Service and the prosecution. These solutions are also popular among officials of the Federal Bureau of Investigation (FBI) of the United States and Interpol, the firm said.

In the private sector, its customers include Celltrion, Samsung, LG and Hanwha.


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