Biotech Industry Will Benefit from New Cooperative Agreement Signed Between Maryland and South Korea

Maryland and South Korea take another step in strengthening their shared economic development interests with this new cooperative agreement. The agreement is sure to strengthen an already healthy relationship between two economies which have substantial investment in their biotech and life science economies and a strong foundation of success stories to build upon.

Earlier this year, Maryland-based Novavax established a contract with Korea’s SK Bioscience to manufacture 40 million doses of the Novavax vaccine.

D&D Pharmatech was founded in 2014 in Korea and has seen great success expanding in Maryland over the past few years through investments and acquisitions in companies like Maryland-based companies Neuraly, Theraly Fibrosis, Precision Molecular, P4 Microbiome, and Valted Seq; all of which spun out of Johns Hopkins research.

Supporting international expansions for businesses and strengthening economic development ties are both part of a new Memorandum of Understanding, signed by the state of Maryland and the Republic of Korea.

With similar interests in high-tech fields – including aerospace, biohealth, cybersecurity, and renewable energy – the state and South Korea agree to share industry resources and information to benefit both entities. Additionally, both regions will support Korean businesses interested in expanding abroad, by utilizing Maryland as an entryway into the U.S. market. This partnership will provide companies with the possibility of using Maryland’s new Soft Landing Program, which allows businesses to set up temporary office space for up to three months at a reduced rate.

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