Daewoong inks deal to build $188M facility in South Korea

Daewoong Pharmaceutical said it will build a $188.3 million facility in South Korea that the company expects will be completed by 2016.

The new 66,000-square-meter pharmaceutical manufacturing facility will be located in the Osong BioValley in Chungcheong Province, and will meet U.S. standards for design, monitoring and control of production, The Korea Herald reported. Osong BioValley is a bio industry cluster that has attracted 10 university research centers, including Semyung University.

When completed, the facility is expected to create 300 new jobs. Its production line will include infrastructure that will allow the plant to conduct research and clinical trials for the bio industry.

"The partnership between the company and the province will give a boost to advance Osong BioValley into a biomedical hub in Korea," Lee Jong-wook, Daewoong's president, said in a statement. "As a future growth engine, the facilities in Osong will play a vital role in making Daewoong grow into a global player."

Recently, the provincial government has made deals with three medical firms--Daewoong, Medical Group Bestian and Joonghung Meditech.

- read The Korea Herald story