Domestic pharmaceutical and bio companies have launched support for promising bio and healthcare startups. Recently, pharmaceutical companies are expanding their support as investors, including venture capital, have reduced their investment in biohealthcare venture companies. Bio-ventures are evaluated as a “win-win strategy” as they can secure investment and pharmaceutical bio companies can preoccupy promising technologies.

According to the industry on the 4th, Daewoong Pharmaceutical will hold the second phase of the Innovay Contest to discover and foster promising bio and healthcare startups in Korea. Through this competition, a 100 million won conditional acquisition contract (SAFE) will be held for startups with five technology capabilities, including a drug delivery platform and cell gene and antibody development technology.

SAFE refers to an investment in a way that first provides investment to early startups that are difficult to calculate corporate value (value) and determines their stakes by calculating corporate value when attracting subsequent investments. In addition to SAFE, Daewoong Pharmaceutical’s startup support plans to provide investment linked to TIPS and review seed round and series A investment