LG Chem opens U.S. research center for drug development

LG Chem will accelerate the development of new drugs in the world’s largest biotechnology market. The South Korean chemical company said on Tuesday that it held an opening ceremony of its research center “Global Innovation Center” in Boston, Massachusetts with the presence of some 30 people, including LG Chem Vice Chairman Shin Hak-chul, and Son Ji-woong, head of the company’s life science division.

With the participation of clinical experts, the research center will serve as a bridgehead for the introduction of innovative technology using Boston’s biotechnology infrastructure and the development of new drugs. Hong Sung-won, head of the company’s new drug development center, will double as the head of the new research center. The center plans to hire 15 local experts by the end of the year.

Boston is home to global pharmaceutical giants, such as Merck, Novartis, and Pfizer Inc. and more than 2,000 pharmaceutical and biotechnology companies. Over 90,000 people in the region work in the industry. “Biotechnology is LG Chem’s next-generation growth engine,” said Vice Chairman Shin. “We will continuously develop innovative new drugs.”


Seok-Jun Bae eulius@donga.com