SEOUL, Sept. 28 (Yonhap) -- Mirae Asset Venture Investment Co. and Yuanta Investment Co. have been selected as co-managers of a 500 billion-won (US$346 million) state bio fund aimed at supporting domestic pharmaceutical companies' development of innovative medicine and entrance to the global market, the health ministry said Wednesday.
The equity firms have been designated to each manage 250 billion won of the K-Bio Vaccine Fund created jointly by the ministry, the Korea Development Bank, the Export-Import Bank of Korea and the Industrial Bank of Korea.
The fund aims to promote the development of world-class innovative drugs to help strengthen South Korea's vaccine sovereignty. More than 60 percent of the fund will be invested in local companies conducting clinical trials for the development of new drugs and vaccines.
The ministry has raised 100 billion won in the fund and the three state-run lenders have together raised 100 billion won. Mirae Asset and Yuanta plan to raise 25 billion won and 20 billion won, respectively.
The two firms were selected by the Korea Venture Investment Corp. through a public bidding. The ministry said it plans to expand the size of the fund to up to 1 trillion won in the future.
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