Bayer Korea said Monday that it has signed a memorandum of understanding with the Korea Drug Development Fund (KDDF) to expand cooperation with Korea’s pharmaceutical and biotech industry and support local startups seeking global opportunities.
Bayer Korea President Lee Jin-a (right) and KDDF CEO Park Yeong-min hold a memorandum of understanding at Bayer Korea’s office in Yeouido, Seoul, Monday. (Credit: Bayer Korea)
Under the agreement, Bayer Korea and KDDF will work together to strengthen collaboration between Bayer and Korean biotech startups, support the successful implementation of Bayer Co.Lab Connect, Bayer’s global open innovation program, and promote investment and networking opportunities for the development of innovative new drugs in Korea.
The two sides will also cooperate to identify promising Korean pharmaceutical and biotech startups, help them build global networks, and support their sustainable growth.
At the center of the partnership is Bayer Co.Lab Connect, an extension of Bayer Co.Lab, Bayer’s global life sciences incubator network with hubs in Berlin, Cambridge in the U.S., Shanghai and Kobe.
Bayer Co.Lab Connect is designed to support early-stage innovators by providing global expertise, advanced research infrastructure, professional mentoring and access to Bayer’s international network.
The program currently operates around major innovation cities, including Kobe, Tokyo, Shanghai, Beijing and Boston, and aims to help promising startups turn scientific ideas into practical healthcare solutions and establish a presence in the global market.
Bayer plans to introduce Bayer Co.Lab Connect Seoul during a separate session at BIO KOREA 2026 on Thursday, marking the start of its effort to discover promising Korean pharmaceutical and biotech startups through the program.
“Collaboration is essential in driving innovation in the pharmaceutical and biotech sector,” Bayer Korea President Lee Jin-a said. “Through our partnership with KDDF, which has become a central platform for discovering Korea’s new drug pipelines within five years of its launch, we hope Bayer Co.Lab Connect Seoul, Bayer’s open innovation hub network, will be successfully implemented.”
Lee added that the MOU would allow Bayer’s more than 160 years of expertise, accumulated know-how and extensive global network to combine with the capabilities of Korean startups.
“We hope this partnership will continue to create meaningful innovation that can help address global healthcare challenges and improve treatment outcomes for patients,” she said.
KDDF CEO Park Yeong-min also said collaboration with global pharmaceutical companies is crucial for Korean biotech firms seeking tangible results in the global market.
“Based on our cooperation with Bayer, we will actively support promising pipelines in strengthening their global competitiveness and help them lead to actual commercialization outcomes,” Park said.
Lee Han-soo
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