Boryung, Axiom Space launch joint venture in Korea

Boryung Corp., a South Korean healthcare investment company, said on Thursday it has officially launched a joint venture with Axiom Space, a US commercial space station developer, as it is exploring business opportunities in the space-related healthcare market, including the development of food for astronauts in space.

The South Korea-based joint venture, Brax Space, will hold the exclusive rights to Axiom’s low Earth orbit (LEO) station technologies and infrastructure not only in South Korea, but also in the Asia-Pacific region.

It will also jointly develop space station modules and carry out a Korean astronaut project.

Houston-based Axiom is developing a commercial space station in LEO to challenge the International Space Station, the largest space station. In 2022, the Korean company invested a total of $60 million in Axiom Space to own more than a 2.5% stake.

Boryung owns 51% of the JV, with Axiom holding the remainder. 

The venture will use Axiom Space’s space station as a research and development facility to test new space-based healthcare products and services.

R&D at Axiom’s space station will be conducted throughout the entire process from initial planning to launch, transportation and experiment performance, Boryung said.

Lim Dong-ju, head of Boryung's new portfolio investment division, was appointed chief executive of the JV. He has been in charge of Boryung’s investment in Axiom Space.

“This joint venture is significant in that it has opened the way for our country to use the space station for space exploration, scientific research and commercial purposes,” Lim said.

“As accessibility to low Earth orbit improves, there is an increasing tendency to use the space station for R&D and experiments. Its demand will continue to rise,” he added.

Boryung, which started as a pharmacy in 1963, has chosen space-related healthcare projects as one of the company’s new growth drivers.

Write to Kyung-Ju Kang at qurasoha@hankyung.com
 


Yeonhee Kim edited this article.