Boryung Holdings announced on Feb. 3 that it established a subsidiary in San Francisco of the United States on Jan. 22 (local time).
“We have established the U.S. subsidiary to making efficient investment in the United States by building a network with global pharmaceutical companies, investors and early-stage R&D companies and gathering information in the United States and Europe,” the company said in a statement. “The U.S. subsidiary will actively search for opportunities for strategic alliances between the group’s other affiliates such as Boryung Pharmaceutical, Boryung Bio Pharma and Boryung Consumer and foreign companies.”
The name of the subsidiary, which opened in San Francisco, which is a hub for biotech and life science industry in the U.S., is Hayan Health Networks. It is led by Boryung Holdings executive director Choi Sung-won.
“We have taken our first step toward becoming a major player in the United States, the world's largest pharmaceutical market that also has infrastructure for development of the pharmaceutical industry. We will boost our investment efficiency and further strengthen R&D cooperation with the opening of the subsidiary in the United States,” the company said.
In the meantime, Boryung Pharmaceutical, a subsidiary of Boryung Holdings, is in the process of conducting the first phase clinical trial of its anti-cancer drug, BR2002, in the United States.