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Formosa Group of Taiwan to Establish Bio R&D Center at KAIST Investing 12.5 M USD
KAIST (President Kwang-Hyung Lee) announced on February 17th that it signed an agreement for cooperation in the bio-medical field with Formosa Group, one of the three largest companies in Taiwan.
< Formosa Group Chairman Sandy Wang and KAIST President Kwang-Hyung Lee at the signing ceremony >
Formosa Group Executive Committee member and Chairman Sandy Wang, who leads the group's bio and eco-friendly energy sectors, decided to establish a bio-medical research center within KAIST and invest approximately KRW 18 billion or more over 5 years. In addition, to commercialize the research results, KAIST and Formosa Group will establish a joint venture in Korea with KAIST Holdings, a KAIST-funded company.
The cooperation between the two organizations began in early 2023 when KAIST signed a comprehensive exchange and cooperation agreement (MOU) with Ming Chi University of Science and Technology (明志科技大學), Chang Gung University (長庚大學), and Chang Gung Memorial Hospital (長庚記念醫院), which are established and supported by Formosa Group. Afterwards, Chairman Sandy Wang visited KAIST in May 2024 and signed a more specific business agreement (MOA).
KAIST Holdings is a holding company established by KAIST, a government-funded organization, to attract investment and conduct business, and will pursue the establishment of a joint venture with a 50:50 equity structure in cooperation with Formosa Group. KAIST Holdings will invest KAIST’s intellectual property rights, and Formosa Group will invest a corresponding amount of funds.
The KAIST-Formosa joint venture will provide research funds to the KAIST-Formosa Bio-Medical Research Center to be established in the future, secure the right to implement the intellectual property rights generated, and promote full-scale business.
The KAIST-Formosa Bio-Medical Research Center will establish a ‘brain organoid bank’ created by obtaining tissues from hundreds of patients with degenerative brain diseases, thereby securing high-dimensional data that will reveal the fundamental causes of aging and disease. It is expected that KAIST’s world-class artificial intelligence technology will analyze large-scale patient data to find the causes of aging and disease.
Through this business, it is expected that by 2030, five years from now, it will discover more than 10 types of intractable brain disease treatments and expand to more than 20 businesses, including human cell-centered diagnostics and preclinical businesses, and secure infrastructure and intellectual property rights that can create value worth approximately KRW 250 billion.
The Chang Gung Memorial Hospital in Taiwan has 10,000 beds and handles 35,000 patients per day, and systematically accumulates patient tissue and clinical data. Chang Gung Memorial Hospital will differentiate the tissues of patients with degenerative brain diseases and send them to the KAIST-Formosa Bio-Medical Research Center, which will then produce brain organoids to be used for disease research and new drug development. This will allow the world’s largest patient tissue data bank to be established.
Dean Daesoo Kim of the College of Life Science and Bioengineering at KAIST said, “This collaboration between KAIST and Formosa Group is a new research collaboration model that goes beyond joint research to establish a joint venture and global commercialization of developed technologies, and it is significant in that it can serve as an opportunity to promote biomedical research and development.”
With this agreement, KAIST, which has been promoting the KAIST Advanced Regenerative Medicine Engineering Center in Osong K-Bio Square, has secured a practical global partner.
< Representatives of the Formosa Group and KAIST >
KAIST’s Senior Vice President for Planning and Budget, Professor Kyung-Soo Kim emphasized, “KAIST has made great efforts to secure an edge in state-of-the-art biomedical fields such as stem cells and gene editing technology, by attracting the world’s best experts and discovering global cooperation partners, and these results can ultimately be linked to the Osong K-Bio Square project.”
SVP Kim then predicted, “In particular, the practical cooperation with Taiwan’s best Formosa Chang Gung Memorial Hospital, which has abundant clinical experience in stem cell treatment, will be an important axis of KAIST’s bio innovation strategy.”
Formosa Chairman Sandy Wang emphasized that this investment and cooperation is built on trust in KAIST’s R&D capabilities and the passion of its researchers. And added that through this, the Formosa Group will practice corporate social responsibility and take an important first step together with KAIST to protect the welfare and health of humanity. She also went on the say that she expects to see the cooperation expanded to various fields such as mobility and semiconductors based on the successes begotten from the cooperation in the bio field.
KAIST President Kwang-Hyung Lee said, “I evaluate this agreement as one of the most important events that will spearhead KAIST into overseas biotechnology stages,” and added, “I expect that this cooperation will be an opportunity for Taiwan and Korea, both of which have IT industry-centered structures, to create new growth engines in the bio industry.” Meanwhile, Formosa Group is a company founded by Chairman Sandy Wang’s father, Chairman Yung-Ching Wang. It is the world’s No. 1 plastic PVC producer and is leading core industries of the Taiwanese economy, including semiconductors, steel, heavy industry, bio, and batteries. Chairman Yung-Ching Wang was respected by the Taiwanese people for his exemplary return of wealth to society under the belief that the companies and assets he founded “belong to the people.”
2025.02.17 View 9484 -
President Lee Presents Plans to Nurture Next-Generation Talents
President Lee stressed that nurturing medical scientists, semiconductor R&D personnel, startup entrepreneurs, and global innovators are key missions he will continue to pursue during a news conference
KAIST President Kwang Hyung Lee said that nurturing medical scientists, semiconductor R&D personnel, startup entrepreneurs, and global innovators are key missions he will continue to pursue during an online news conference marking the 1st anniversary of him becoming the president on February 15.
He said that nurturing physician-scientists is the most critical mission for KAIST to help the nation create a new growth engine. He said KAIST will help the nation drive the bio-industry and provide medical science resources for the nation’s health sector. To this end, he said that KAIST will open its Medical Science and Technology School by 2026.
“We plan to expand the current Graduate School of Medical Science and Engineering into a new Medical Science and Technology School that will focus entirely on a condensed MD-PhD course converging the fields of AI, bio, and physics,” he said.
The school aims to foster medical scientists whose research results will eventually be commercialized. He said that the university is now discussing revisions to related laws and regulations with the government and other universities.
To supply human resources to the semiconductor industry, President Lee said the university will add a campus in Pyongtaek City that will serve as an advanced convergence research hub in the field of next generation semiconductors in collaboration with Samsung Electronics and the city of Pyongtaek. The three-stage opening plan projected the final opening of the campus by 2036. During the first stage, which will be completed by 2026, it will construct the campus infrastructure in Pyongtaek city where Samsung Semiconductors runs two massive semiconductor complexes. By 2031, it plans to launch the open research platform including a future cities research center and future vehicles research center. The campus will open the global industrial collaboration cluster hub by 2036.
In the global arena, President Lee said he is working to open the New York campus with stakeholders in the United States. He announced the plan last December that was endorsed by New York-based entrepreneur Hee-Nam Bae, the chairman of Big Continent Inc. President Lee and Chairman Lee signed an MOU for the funding to open the campus in New York.
“We are discussing how to facilitate the plan and best accommodate the interests and potential of our students. Many ideas and plans are on the table and we think it will take longer than expected to finalize the plan,” explained President Lee.
However, he added that the basic idea is to offer art tech and health technology programs as well as an AI-based finance MBA at the New York campus, in addition to it serving as the startup accelerator of KAIST.
President Lee stressed the importance of technology commercialization when successfully launching KAIST Holdings last month to help spinoffs of KAIST labs accelerate their end results. He said that KAIST Holdings will build a virtuous supporting system to commercialize the technology startups coming from KAIST.
“We plan to list at least 10 KAIST startups on the KOSDAQ and two on the NASDAQ by 2031. KAIST Holdings also aims to nurture companies valued at a total of one billion KRW and earn 100 billion KRW in technology fees by 2031.
2022.02.17 View 18186