Samsung Biologics, the biotech arm of Samsung Group, said Tuesday it has signed an agreement with US pharmaceutical giant Eli Lilly and Co. to set up a biotech incubator in the western city of Incheon.
Under the partnership, the two companies will establish a new site for Eli Lilly's Lilly Gateway Labs in Songdo, an international business district in the port city, according to Samsung Biologics.
The US company launched Lilly Gateway Labs in 2019 to support emerging biotech companies by offering its facilities and equipment, funding and investment support, and cooperating in research and development.
The new hub will be located in Samsung Biologics' innovation center scheduled to open in 2027. (Yonhap)
