Hyundai Bio establishes a local subsidiary in Virginia, USA

Hyundai Bio

Hyundai Bio announced that it had established ‘Hyundai Bio USA’ in Virginia on the 16th (local time), a corporation that will apply for emergency use approval for its antiviral drug candidate ‘CP-COV03’ in the US and conduct follow-up clinical work. . The company’s Chief Technology Officer (CTO), Dr. Kim Kyung-il, was appointed as the CEO of Hyundai Bio USA.

It is expected that CP-COV03’s entry into the US will be accelerated as Hyundai Bio recently signed an advisory contract with IQVIA, a US clinical contract agency (CRO), and quickly established a US subsidiary.

In addition, Hyundai Bio has decided to have a production facility that can directly manufacture CP-COV03 in the U.S. and plans to secure a local production base through its U.S. subsidiary.

In this regard, a Hyundai Bio official said, “As global demand for CP-COV03 is proven, global demand will increase, so production facilities in the United States are essential for smooth supply. CP-COV03, an improved drug, is easy to mass-produce anytime, anywhere.”

Virginia, where Hyundai Bio USA is established, belongs to the ‘BioHealth Capital Region’, which together with Washington DC and Maryland form the US biopharmaceutical cluster. He explained that Hyundai Bio established a local corporation here because it is close to the location of leading research institutes such as the FDA, the US Department of Health and Welfare (HHS) and the National Institutes of Health (NIH), as well as leading research institutes such as Johns Hopkins.

Meanwhile, the US government is actively promoting the domestic bio industry, with President Joe Biden signing the ‘National Biotechnology and Biomanufacturing Initiative’ executive order. In order to foster the bio industry, the US government has decided to invest a total of $2 billion in biotechnology, including a $1 billion in support for five years to expand the domestic bio-manufacturing and production base.

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