LG Chem to accelerate new drug development
Researchers of LG Chem pose in this picture at the company's R&D center in Daejeon on March 29. Courtesy of LG Chem
LG Chem will invest more in its bio business with the aim of developing new global medicines, the company said.
Since 2017, LG Chem has invested about 600 billion won in research and development in the life science business, and it will increase its investments to more than 200 billion won annually beginning this year.
Through its investments, the chemistry firm will operate dozens of R&D projects simultaneously every year. It has already secured 30 more new drug pipelines ― or candidates of drugs to explore for development ― for a total of 40. The number of researchers developing new drugs also increased from 330 in 2016 to 460 this year.
The company wants to develop new drugs for cancer, immune system disorders, diabetes and metabolic diseases.
LG Chem is also in the process of securing promising drugs through an active open innovation system, by expanding its network of global bio-tech firms and research centers.
Starting with the November 2018 signing of a contract with NASDAQ-listed Cue Biopharma to bring in its new immunotherapy cancer drug, LG Chem has also closed deals with Avacta, PDC-Line, Sprint Bioscience, MEDIPOST, ICM, PharmaResearch BIO, Genome & Company and TransThera Biosciences to use their technologies in developing other new drugs.
LG Chem is currently working on the global clinical development of seven new drug pipelines. It is developing drugs for gout, obesity and non-alcoholic steatohepatitis (NASH), in the field of metabolic diseases, as well as for scalp and non-small-cell lung cancer, in the field of anticancer and immune diseases.
In June 2019, the chemical firm opened a global innovation center in the U.S. city of Boston to expand clinical development.
Boston houses a global bio cluster, with more than 2,000 bio companies and 90,000 workers. Many global pharmaceutical companies have their R&D centers and clinical hospitals in the city, which enables LG Chem to secure source technologies there.
Since May 2020, LG Chem has sponsored LabCentral, a leading bio-startup incubator in the United States, and has been looking for joint development opportunities with other promising startups. LabCentral is a non-profit bio startup-supporting facility established in November 2013 with aid from the Massachusetts state government.
There are 65 in-house startups, and about 40 companies, including multinational pharmaceutical companies, are participating in sponsorship. (Advertorial)