Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
HLB bioStep aims for global expansion into beauty care, animal pharmaceuticals
HLB bioStep’s promotional booth at the 2024 BIO International Convention, which was held in San Diego, California, from June 3 to June 6. Courtesy of HLB Group
By Baek Byung-yeul
HLB bioStep, an affiliate of HLB Group, aims to enter the global market by acquiring companies specializing in cosmetic medical devices and animal pharmaceuticals, its CEO Moon Jeong-hwan said, Tuesday.
Moon Jeong-hwan, CEO of HLB bioStep / Courtesy of HLB Group
HLB bioStep is a contract research organization business that provides preclinical consulting services in the development process of new drugs and medical devices.
The CEO said the company is aggressively pursuing global expansion by meeting with more than 50 companies at the 2024 BIO International Convention, which was held in the United States earlier this month, and is continuing follow-up discussions with some of them.
"Our company conducts the most medical device experiments in Korea. We plan to acquire companies with cosmetic medical device products that have proven efficacy and market potential through our experiments," Moon said. "Based on our robust financial strength, we will actively pursue the acquisition of companies with future potential.”
HLB bioStep is also considering expanding into the animal pharmaceuticals business, in addition to cosmetic medical devices.
HLB Life Science, an affiliate of the group, is developing the targeted anticancer candidate Rivoceranib as a treatment for breast cancer in dogs. In April, they completed the recruitment of dogs with the disease.
"The animal pharmaceuticals business is one of the puzzles needed for the HLB Group to grow as a bio group," said the HLB bioStep CEO. "We are continuously seeking opportunities to acquire animal pharmaceutical manufacturing companies."