Johnson & Johnson more interested in Korean bio startups

Johnson & Johnson, a global pharmaceutical giant, showed more interest in South Korean bio startups with competitive innovation despite the recent chilled investor sentiment on newly established companies amid higher interest rates and slower economic growth.

South Korea’s promising 12 healthcare startups showcased innovative products and solutions to global major healthcare behemoths including Johnson & Johnson and Sanofi Consumer Healthcare, as well as investors such as Singaporean venture capitalists at the Oct. 11-12 MUST Connect 2023 roadshow held in the city-state.

Johnson & Johnson has been growing more interested in South Korean bio and digital health startups with technology competitiveness. The New Brunswick, New Jersey-based company already supported those startups in the Asian country through its global startup program JLabs.

“Innovation has no borders,” said Sharon Chan, head of innovation at JLabs Asia Pacific, adding the company is looking for more opportunities for investment in South Korean startups and collaboration with them during the event.

More than 40% of the 81 startup companies incubated by JLabs in Shanghai are international, including 12 from South Korea, Chen added.

OWN SESSION FOR INDIVIDUAL MEETINGS WITH ALL PARTICIPANTS

Johnson & Johnson, the only foreign pharmaceutical maker program partner for the roadshow, arranged a separate session after the event for the 12 participating startups including Neurophet Inc., an artificial intelligence solution developer for brain diseases, and ImmunAbs Inc., an antibody therapeutics developer. Its autoimmune treatment is set to enter phase 2 clinical trials in the US next year.

Johnson & Johnson’s business development executives for each sector including pharmaceutical, medical devices and digital health had individual meetings with all of the participants. Among them, medical data platform operator JNPMEDI Inc. raised 14 billion won ($10.3 million) from investors led by Pavilion Capital Fund Holdings Pte., a subsidiary of Singapore’s state investment firm Temasek Holdings, last year.

That compared with the event in 2022 when Johson & Johnson was not a partner but had separate meetings with only some of the seven participating startups, according to the roadshow host Must Accelerator Inc., a South Korean startup accelerator.

Venture capitalists in Singapore such as Jungle Ventures and Philips Ventures explored investment and collaboration opportunities during last week's roadshow, while SG Innovate, the Singapore venture capital and entrepreneurship support organization, and EDB Investments, the city-state's economic development agency joined the event.

“Korean life science startups have a significant advantage due to Korea’s advanced manufacturing capabilities,” said Jasmine Qiu, SG Innovate assistant director of health and biomedical science.

South Korean bio startups have been looking for business in Singapore for global expansion as major global pharmaceutical companies have their Asia-Pacific headquarters in the Southeast Asian country.

Write to Jong-Woo Kim at jongwoo@hankyung.com
 

Jongwoo Cheon edited this article.