• MoU with Merck's Life Science business aimed at supporting the region's healthcare ecosystem
• Proposed bioprocessing facility to be based in Daejeon City
• Further collaboration aims to support emerging biotech companies and academic research

"South Korea is an emerging global leader in the biotech industry, and this Memorandum of Understanding demonstrates Merck's commitment to the region by working closely with the government to better support our customers," said Matthias Heinzel, Member of the Executive Board of Merck and CEO, Life Science. "The proposed facility would play a vital role in fulfilling demand in the Asia-Pacific region while representing an important hub for further biopharma industry development in South Korea."

"We expect this collaboration to serve as an opportunity for our pharmaceutical-bio sector to take a leap forward as the science and technology industry of South Korea," said Chang Yang Lee, Minister of Trade, Industry & Energy.

"Daejeon is the birthplace of the Korean biotech industry. Today, it's where companies, big and small, are intensely focused on technological innovation and talent development to bring new and novel therapies to market," said Jang Woo Lee, Mayor of Daejeon. "Together with Merck, this planned investment cooperation will help support Daejeon's growth to become a world-class biotech hub."

Merck also plans to work with the Daejeon government to support biotech companies based in the Daedeok Research Complex located in Daejeon, as well as expand the bio-research cooperation with leading Korean universities.