- ‘First in Korea', it has formed a partnership with Venture Capital firm ARCH Venture Partners of U.S. to establish relationships with biotechnology companies and research institutions overseas.
- Targeting global open innovation and expanding from medical centers and research institutes to bio companies
- Searching for joint research partners and technology concepts in six fields, including pharmaceuticals and biopharmaceuticals, through the ATS program
2022. 7
JW Group announced on the 6th that it has signed a agreement with ARCH Venture Partners, a U.S. venture capitalist (VC), to strengthen the promotion of open innovation strategies with global buyer companies.
Under the agreement, JW Group will receive ATS (ARCH Technical Service) programs from ARCH Venture Partners. ATS provides promising technology concepts and biotech information to strategic investors interested in business cooperation with venture companies around the world.
ARCH Venture Partners invests in advanced technology companies and is one of the largest early-stage technology venture firms in the United States. The firm is a recognized leader in commercializing technologies developed at academic institutions, corporate research groups and national laboratories. ARCH invests primarily in companies it co-founds with leading scientists and entrepreneurs, bringing innovations in life sciences and physical sciences to market. ARCH recently announced the closing of ARCH Venture Fund XII, with $2.975 billion to invest in the creation, development and funding of early stage biotechnology companies.
This is the first time ever that a domestic pharmaceutical company has joined hands for open innovation in the field of basic research (discovery stage) with a VC specializing in bio and healthcare in the U.S.
JW Group is planning to expand its open innovation partners to global bio companies by utilizing ATS programs. Until now, overseas open innovation targets have been centered on hospitals, medical schools, and research institutes.
JW Group plans to search for joint research partners regarding △Synthetic molecules (Small Molecule) △Biologics △New modality △ Data science (AI/ML) △ Medical devices △ Nutrition in consideration of each company's R&D areas such as, JW Pharmaceuticals, C&C Research Laboratories, JW Life Sciences, JW Bioscience, JW CreaGene, etc.
Keith L. Crandell, co-founder of ARCH Venture Partners, said “ARCH Technical Services (ATS) is an ARCH Venture Partners, program for Strategic Investors that enables the strategic groups to successfully build their venture and business development practice around the world, By working with JW as part of this program we hope to enable the success of such efforts with JW and build a strong relationship”
Chan-Hee Park, CTO (Chief Technology Officer) of JW Group said, "JW aims to build a sustainable cooperation model that creates synergy by combining it with its own platform and to create R&D results." He also said, "We will achieve successful open innovation results by cooperating with ARCH Venture Partners and discovering leading biotech technologies overseas.”
Meanwhile, JW Group is focusing on generating profits, establishing research organizations, and securing differentiated technology based on the specialized business structure of each affiliate. It is focusing on developing new global innovative drugs, developing IV fluids technologies and improving services, and developing advanced precision in vitro diagnostic devices. In particular, JW Pharmaceutical is promoting an open innovation strategy in order to expand a new modality for new drug candidates under development. This is to secure the next-generation new innovative drug pipeline by combining JW's own R&D platform (JWELRY, CLOVER) and promising bio companies' R&D platform.