Daegu-Gyeongbuk Free Economic Zone Authority

DGFEZ Signed an MOU with Biophammer to invest 41 million USD

2021-04-13 00:00:00

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On Apr. 13, 2021, DGFEZ has signed a memorandum of understanding with Biophammer on the investment to Pohang Fusion Tech district of DGFEZ at the Pohang city hall.

Biophammer is a pharmaceutical company and a research institute at the same time. It took its first step in 2019 at Pohang Innopolis Innotown. Bentonite-based IMD(incrementally modified drug) is its main research field. By using the technology acquired from the MOU with Korea Institute of Geoscience and Mineral Resources, Biophammer is working on IMD development from bentonite collected from Pohang and Gyeongju.
* Bentonite: a valuable clay being used as a filler in the building paper, and pharmaceutical industries

Biophammer is going to invest 41 million USD to build a medicine manufacturing factory in Pohang Fusion Tech district. The factory scales about 20,400㎡ and is expected to employ about 25 people. Through this investment, localization of bentonite-based pharmaceutical raw materials, which have been imported all from the aborad is expected.

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