Eli Lilly Partners With Samsung Biologics to Nurture Korean Biotech Startups

Global pharmaceutical giant Eli Lilly is joining forces with Samsung Biologics (207940) to nurture domestic biotech ventures. This marks the first time Lilly has partnered with a local company overseas to establish an incubation hub.

According to industry sources on the 10th, Lilly is working with Samsung Biologics to establish "Lilly Gateway Labs" in Songdo by 2027. Lilly Gateway Labs is a global open innovation-based incubation program that supports early-stage biotech ventures in new drug development.

Korea will become the third country to host Lilly Gateway Labs, following the United States and China. However, this is expected to be the first case among overseas hubs to be pursued through a partnership with a local company.

"Lilly and Samsung Biologics have built a relationship of trust through their manufacturing collaboration," an industry source said. "Once the two companies jointly begin incubating biotech ventures, the pace of qualitative growth for these startups will accelerate."