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POSCO International invests $3.9 million in bio venture firm
Bioapp researchers check tobacco leaves at a company laboratory in Pohang, North Gyeongsang Province. The firm grows a range of plants to extract plant protein for vaccine development. / Courtesy of POSCO International
By Lee Hyo-sik
By Lee Hyo-sik
POSCO International, the trading arm of POSCO Group, has invested 5 billion won ($3.9 million) in a bio venture firm Bioapp for a 4.4 percent stake, as part of its ongoing efforts to secure future profits, company officials said Thursday.
Bioapp, established in 2011, has been developing vaccines for swine fever, bird flu, COVID-19 and other diseases, using proteins extracted from a wide range of plants. POSCO said the 5 billion won will be spent to expand the firm's production lines and finance clinical trials of its vaccines.
In December, Bioapp introduced a vaccine for swine fever and has been working on vaccines for bird flu and other diseases inflicting livestock.
“We decided to acquire the stake in Bioapp because we see great business potential in its plant protein bio platform, which has been producing 'green vaccines.' Compared to other vaccines using animal proteins, the green vaccines are almost free of side effects and highly efficient,” a POSCO International official said. “It's platform is also ideal for mass-producing various types of vaccines and medicines in a speedier manner.”
The officials said POSCO plans to actively help Bioapp become a unicorn firm by 2030, eventually being worth somewhere in the region of over 1 trillion won.