KoreaTechToday - Korea's Leading Tech and Startup Media Platform
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
No Result
View All Result
KoreaTechToday - Korea's Leading Tech and Startup Media Platform
No Result
View All Result
Home Biotech

SK Holdings Injects 8 Billion Won in Hummingbird Bioscience in Series B

 1,645 total views,  1 views today

KoreaTechToday Editor by KoreaTechToday Editor
PUBLISHED: May 11, 2020 UPDATED: May 11, 2020
in Biotech, Hummingbird Bioscience, Series Funding, SK, SK Holdings, South Korea
0
SK Holdings invests 8 billion won in Hummingbird Bioscience in Series B Funding round.
SK Holdings invests 8 billion won in Hummingbird Bioscience in Series B Funding round.

SK Holdings invests 8 billion won in Hummingbird Bioscience in Series B Funding round.

SK Holdings on Monday said that it injected 8 billion won ($6.5 million) in Hummingbird Bioscience to secure novel antibody-based medicine technology. The holding company of SK Group became the lead investor in the Singapore-based biotech firm’s 30.6 billion won ($25 million) “Series B” extension funding round.

Hummingbird Bioscience, established in 2015, was founded by former members of Sanofi, an international pharmaceutical company. The biotech company researches novel antibody-based therapeutics considered as immunoproteins that selectively targets and destroys malignant proteins. These particular proteins become the starting point for diseases and tumors.

To date, the recently concluded “Series B” funding round of 30.6 billion won ($25 million) brought Hummingbird Bioscience’s total capital to over 79.6 billion won ($65 million). The company raised funds through strategic partnerships and financing activities.

SK Holdings said that the Singaporean biotech firm with its Rational Antibody Discovery technology dramatically shortens the amount of time spent on research. The platform could predict the structure of a protein and accurately identify the optimal areas for binding within diseased cells.

In a statement, Piers Ingram, CEO and co-founder of Hummingbird Bioscience, believes that the company could deliver significant benefits for patients with its strong portfolio of promising new therapies. He added that with SK Holdings joining their investor base, the new funds would further advance and support the development of their lead programs.

Growing Biopharma Market

Hummingbird pledged to utilize the raised funds to strengthen the company’s research and development (R&D) capabilities.

Heritas Capital Management, a participant in the Series B Funding, said that supporting foremost innovative biotech companies that address patients’ needs remains a top priority, especially during the coronavirus pandemic.

Quoting EvaluatePharma, a market researcher, SK Holdings, said that the total biopharma market would grow from 298 trillion won ($243 billion) in 2018 to 475 trillion won ($388 billion) in 2024, a yearly average increase of 8 percent.

In 2017, SK Holdings injected 1.22 trillion won ($1 billion) in Eureka Midstream, an energy company located in the United States. Last year, the company invested in Harbour BioMed, a China-based bioventure.

SK Holdings said it would continue to strive to make strategic investments in the field of biopharma development. The company added that it would diversify its portfolio beyond memory chips and telecommunications.

What’s your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
0
Meh
+1
0
Clap
+1
0
Tags: $25 million8 billion wonantibodyBiosciencebiotechcapitalcoronavirusfundingHummingbirdSeries BSKSK Holdings

Related Posts

Samsung headquarters
SK Holdings invests 8 billion won in Hummingbird Bioscience in Series B Funding round.
South Korea

Korea’s top 100 companies’ economic contribution soar by 20%  in 9 years

July 20, 2022
South Korea curbs tech leaks to foreign countries
SK Holdings invests 8 billion won in Hummingbird Bioscience in Series B Funding round.
South Korea

South Korea curbs tech leaks to foreign countries

February 8, 2022
Hyundai Rotem set to provide upgraded army tank variants to South Korea
SK Holdings invests 8 billion won in Hummingbird Bioscience in Series B Funding round.
South Korea

Hyundai Rotem set to provide upgraded army tank variants to South Korea

February 2, 2022
SK Group forms ‘SK ICT Alliance’ for AI chip development
SK Holdings invests 8 billion won in Hummingbird Bioscience in Series B Funding round.
5G

SK Group forms ‘SK ICT Alliance’ for AI chip development

January 11, 2022
S.Korea will track COVID-19 cases with AI-powered facial recognition from January
SK Holdings invests 8 billion won in Hummingbird Bioscience in Series B Funding round.
South Korea

S.Korea will track COVID-19 cases with AI-powered facial recognition from January

December 14, 2021
South Korea sets site engineering standards for big tech firms
SK Holdings invests 8 billion won in Hummingbird Bioscience in Series B Funding round.
Google

South Korea sets site engineering standards for big tech firms

December 9, 2021
No Result
View All Result

Follow Us

FREE NEWSLETTER




PRODUCTS

Most Popular

  • 5 Best Korean to English Translation Apps

    0 shares
    Share 0 Tweet 0
  • Top South Korean Tech Products to Look Out for in 2021

    0 shares
    Share 0 Tweet 0
  • 5 All-Time Best Rom-Com K-Dramas to Watch

    0 shares
    Share 0 Tweet 0
  • Top Eight Promising EdTech Startup Companies in South Korea

    0 shares
    Share 0 Tweet 0
  • Top Nine Mobile MMORPG in South Korea for 2020

    0 shares
    Share 0 Tweet 0
  • Korean tech giants to focus on future innovations & sustainability actions at CES 2023 

    0 shares
    Share 0 Tweet 0
  • World’s First 5G Robot Café has a Seoul Opening

    0 shares
    Share 0 Tweet 0
  • Top 10 Must-Have Korean Apps You Need When Visiting in Korea

    0 shares
    Share 0 Tweet 0
  • Samsung SDS Secures Defense Mobile Security Solutions Order in Italy

    0 shares
    Share 0 Tweet 0
  • South Korea Improves Digital New Deal with the Data Dam Project

    0 shares
    Share 0 Tweet 0
  • About Us
  • Account Page
  • application form
  • Cookie policy
  • Default Redirect Page
  • homepage
  • Login
  • login form
  • LogOut
  • Newsletter
  • Privacy Policy
  • Register
  • Reset Password
  • Sample Page
  • Subscription Plan
  • Terms of Use
  • test
  • test
  • testpage
  • TOS Page
  • Visitor Inside User Page

Copyright © 2022 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : [email protected] |

No Result
View All Result
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government

Copyright © 2022 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : [email protected] |