November 12, 2025 • 45 mins
Today’s South Korean biotechs have a risk-on mentality, a willingness to partner, and strategies focused on globalization. On a special edition of the BioCentury This Week podcast recorded at Venture Café Cambridge, BioCentury is joined by a quartet of investors and executives with deep knowledge of Korea’s life sciences ecosystem to discuss Korea biotech’s push to globalize and the opportunities in the country for Western companies. The four guests joining BioCentury were Aram Hong, CEO of Korean start-up Apollon; investors Spencer Nam and Debra Peattie; and Boehringer Ingelheim GmbH's Andy Whittle.
The podcast was recorded Nov. 6 on stage at the Venture Café Cambridge during the K-Blockbuster Night hosted by KHIDI, the Korea Health Industry Development Institute. BioCentury analyses discussed during the podcast include one on Asian deals and another on the speed of clinical trials in China. BioCentury returns to Asia early next year for the 5th East-West Summit, March 9-11 in Seoul. This episode of the BioCentury This Week podcast is brought to you by KHIDI.
View Full story: https://www.biocentury.com/article/657558
#KoreaBiotech #Globalization #LifeSciences #BiotechEcosystem #PharmaDeals #ClinicalDevelopment #Innovation #BiotechLeadership
00:01 - Sponsor Message: KHIDI
05:08 - Asia Deals and Korea's Role
09:12 - Boehringer's Perspective
13:51 - Apollon's Journey
17:24 - Building Relationships
23:20 - Investors' View
To submit a question to BioCentury’s editors, email the BioCentury This Week team at podcasts@biocentury.com.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
[AI-generated transcript.]
Eric Pierce (00:02):
BioCentury This Week is brought to you by
the Korea Health IndustryDevelopment Institute, KHIDI,
a public institution under theMinistry of Health and Welfare
of the Republic of Korea.
Through its K-BlockbusterGlobal Expansion Program,
KHIDI supports Korean biohealthcompanies entering major
innovation hubs like theBoston Bio Cluster by providing
(00:23):
office spaces in the CambridgeInnovation Center, and many
networking opportunities.
Since 2022, KHIDI has supported43 companies resulting in FDA
approvals, licensing deals, andthe establishment of an emerging
Korean ecosystem in the U.S.
We're recording this episodelive from K-Blockbuster
Night, held in collaborationwith Venture Café at CIC
(00:46):
Cambridge, featuring nine
Apollon, Huan, USA, Yuhan USA,Dong-A, Intek Scientific, C&R
Research U.S., VSPharmTech,PROTEINA and MEPSGEN U.S.
Jeff Cranmer (01:08):
You are listening to a special edition of the
BioCentury This Week podcast.
Recorded live on stage November6th At Venture Café Cambridge at
the Cambridge Innovation Centerfor KHIDI's K-Blockbuster
Night, BioCentury's.
Would like to thank KHIDI,that's the Korea Health
(01:30):
Industry Development Institute.
For sponsoring the event nowhere's your host, Josh Berlin.
Josh Berlin (01:38):
welcome to a special edition of the
BioCentury's this week podcast.
Today we are coming to youlive from the Venture Cafe
Cambridge in the heart ofone of the world's most
important biotech hubs.
My name is Josh Berlinand I lead business
development for BioCentury's.
as many of you podcastlisteners know, we have taken
the podcast on the road.
For several live recordingsthis year, most recently in
(02:01):
Shanghai last month at our12th China Healthcare Summit.
You may of course listen to,uh, the BioCentury's this
week podcast and our sisterpodcast, the BioCentury Show
on Spotify or Apple or whereveryou listen, to podcasts.
this is the first time thatBioCentury has recorded a
podcast in the biotech hub ofBoston, Cambridge, and it's
(02:21):
really great, speaking onbehalf of my colleague Simone.
It's really great to be.
Back in town, andseeing so many, uh,
great faces in the room.
before we get started, I didwant to thank our friends
at KHIDI, which is known asthe Korea Health Industry
Development Institute underKorea's Ministry of Health and
Welfare, for sponsoring thisspecial edition of the podcast.
Also, a special thanks toVenture Cafe at the Cambridge
(02:44):
Innovation Center, where we arerecording today's podcast during
KHIDI's Blockbuster Night.
For those who don'tknow, KHIDI's Blockbuster
Initiative, it's an expansionprogram that helps Korea
life sciences companies toenter major innovation hubs
like Boston, Cambridge.
And we'll be talking a littlebit today, about that program.
(03:05):
I'm really, really lookingforward to today's discussion.
BioCentury has visited,South Korea several times in
the last, couple of years.
and as everyone knows, Asiadeals right now are really,
really hot in the industry.
A lot of that, deal flowis focused on China, but
BioCentury's is also seeing,growing opportunities across
(03:29):
what we call Asia's emerging arcof innovation, which includes
South Korea, Singapore, Japan,Australia, and elsewhere.
And we think Korea in particularrepresents an opportunity.
in addition to a growing biotechecosystem with opportunities
for western biopharma companiesand investors to potentially
(03:49):
source innovation, we also thinkthere's a lot of opportunities
to accelerate drug developmentthrough Korea clinical trials
and CDMO manufacturers.
And in fact, BioCentury's willbe out in Korea in March for our
5th East-West Biopharma Summit.
we'll be out there in Seoul.
If anyone wants to join usand learn more, uh, please
check out the website atBioCenturyEastWest.com.
(04:13):
so with that brief intro,uh, let's get started.
We're gonna split today'spodcast into two mini panels.
We're gonna start with anindustry session followed
by an investor session.
we're gonna start right nowwith the industry session.
I first of all wanted tointroduce my colleague, uh,
Simone Fishburn, BioCentury'sVP and Editor in Chief who of
course needs no introductionto our podcast listeners.
(04:36):
Also on this session, Simoneand I are joined by Aram
Hong, CEO of Korea, medtechstartup, Apollon, which is
part of the K-Blockbusterprogram here in Cambridge.
And also Andy Whittle, whois Global Head of BDNL in the
cardiorenal metabolic spacefor Boehringer Ingelheim,
and he's also based here inthe Boston Cambridge area.
(04:58):
And as we're gonna learn, Ithink Boehringer Ingelheim has
been one of the more activewestern biopharmas in Korea.
So look forward to hearing,Andy's take on that.
let's get started.
So Simone, uh, maybewe'll start with you.
Uh, you know, BioCenturyrecently issued, uh,
you and your team a, areport about Asia deals.
We got a lot of feedback aboutthat, transactions, from the
(05:21):
start of 2023 through mid 2025.
Obviously a lot ofdiscussion about China in
there, but also some, Ithought, some interesting
takeaways about Korea.
One in particular that, thatjumped out to me was, I believe
it was Korea represented 12% ofthe total Asia deals, but 20% of
(05:41):
the first in class partnerships.
maybe walk us through, thatreport sort of top, top level
and, and what your, your keytakeaways were from that.
Simone Fishburn (05:49):
Yeah.
Thanks Josh.
Thanks everybody.
It's really fun to be here.
I don't think people aregonna argue with what an
important, hub this is.
Certainly not people hereare gonna argue with that.
Um, yeah.
So we did look at thesedeals, uh, out-licensing
deals from Asian.
So what this meant was thesewere Asia based biotechs.
since, as you say, it wasabout a 30 month thing.
(06:11):
It was from the beginningof, of 2023, through, I guess
the end of June this year.
I think they were likejust shy of 200 deals.
We were looking at westernbiotechs and pharmas, MNCs,
multinational corporations.
That were licensing inthese assets, right?
That there was a, a handfulof, of M&A, but actually
(06:32):
M&A was not a big partof this picture, which is
something we might talk about.
but the thing that struck mewas two thirds of the deals were
for Western biotech license.
Bias.
Right.
And so I think generally when wethink about deals with Asia and
people on the ground, and youknow, we, we've got one here,
it's mostly people think aboutgetting pharmas and pharmas have
(06:53):
really been on the ground, andI know we're gonna talk about
that, but I think the degreeto which western biotechs.
are, reaching out, creatingpartnerships in licensing
assets is just extraordinary.
And, um, you, you're rightthat a lot were from China.
so that was one ofthe, the take homes.
I think the other is,the area of innovation.
(07:14):
I think people tend to thinkthat it's all about cancer.
We are seeing a realrise in INI right?
Immunology and, andinflammation and, certainly
on the China front.
with obesity too.
And so what we're learningis that, you know, very,
very fast innovation sortof catches fire in Asia.
(07:34):
And now I'm gonna lean intothat a little bit more for Korea
because to your point Yeah.
20% of the first in class deals.
And what, what we see isthat among there, there were
obviously fewer deals from Koreaor from Korean biotechs, but
the proportion among those offirst in class assets was really
quite high, was much higher.
(07:55):
And what that tells me,and I really am keen to
discuss it with you guys, is.
You know, it sort of speaks toan appetite for risk, right?
Going first in class, andwe define that BioCentury
as you could be the firstagainst a target, or you
could be going against atarget with a new modality
or into a new indication.
But basically there'sa very different risk
(08:16):
profile for first in class.
And while China is gettingthere, and I think as people are
moving away from thinking aboutit, even just as fast followers.
It seems like careershad that appetite sort
of inbuilt for a while.
So I'm gonna stop here and seewhere you wanna go with that.
Josh Berlin (08:30):
Yeah, yeah.
No, that, that's great.
Um, uh, Simone, so, so Andy,maybe, maybe we'll go to you.
Um, next.
you know, there'sbeen I think a, a few.
deals, this year that werehighlighted in the BioCentury
report, you know, GSK andKorea ABL deal, which I think
was 75, 77 million upfront.
and there's a few othersthere that, that sort
of struck my, eye.
(08:50):
but then, you know, you, youguys just did a deal, the
timing couldn't be better.
We love having folksjoin the podcast who
are hot off of a deal.
And, uh, tell us a littlebit, you know, this was a
deal with, uh, ADC deal with aKorean company called AimedBio.
tell us a little bit about howthat happened and, and what
you're seeing, from BoehringerIngelheim's perspective in terms
of innovation, and opportunitiesfor partnerships in Korea.
Andrew Whittle (09:12):
Yeah, so maybe if I could, uh, set
the context here, which is.
We are not new to beingvery, very interested in the
Korean innovation space andwe, we've been in Korea for.
Long time, and I've been atthe company since 2021 and I
know it stems way before that,that we've had a physical
presence in Asia for sure.
And in my time here, we'vereally doubled down on having
a, a boots on the groundapproach to Korea itself.
(09:36):
June Hahn is someone whohelped organize this event,
and she's our sort of personright there, my eyes and
ears for my global team inwhat's happening in Korea.
I think I would sort of echowhat you were saying about the.
Risk willingness of theKorean biotech sector.
And I think we've realizedthat for a while because we
also have, as a company, youknow, Boehringer does tend to
(10:00):
partner a little bit earlier.
We have a big researchorganization and we are
willing to step in andshare some of that risk
if the science is solid.
And I think that'sbeen a really.
Obvious sort of meeting ofconcepts between the Korean
approach and our approach, whichis if you aim big, go bold.
We want transformativefirst in class medicines.
(10:20):
it's a good place for us to findexciting, bold, new ideas with
that ambition to be first inclass and to be transformative.
And I think the deal yousaw us make two weeks ago.
is a product of that.
Simone Fishburn (10:35):
And then I'm gonna jump in.
Okay.
Because, and we at BioCentury,uh, I'm gonna even use
the word suffer from this.
Okay.
Because Boehringer does alot of really interesting,
really early stage deals.
Andrew Whittle (10:47):
Mm-hmm.
Simone Fishburn (10:48):
And maybe because you're private, we
don't know about a lot ofthe stuff that you guys do.
Okay.
This makes it hard for us.
We would like to know,you have a presence there,
but you know, it, it's notnecessarily broadcasting,
you know, we'll see theseannouncements about deals.
We're like, wow, that isactually, and so we do notice
actually this sort of appetitethat you guys have for early
stage things and for risk.
So maybe you can talkus through a little bit.
(11:10):
When you are out there, youare looking at this asset.
how are you comparingthat with what you could
get outside of Korea?
What, what is your,what is your process?
Now, I've got you in frontof us so I can ask you this
Andrew Whittl (11:23):
Captive audience.
Yeah.
We are real.
I mean, I know a lot ofcompanies say this, but
I've been at the companyfor four and a half years
now, and it, it's...
Simone Fishburn (11:31):
Your going to say you're
the partner of choice.
Andrew Whittle (11:33):
No, I'm not gonna say that.
I'm, I, I say the idea thatwe put science first is the
lived ethos of the company.
So it really does come down toit being really good science.
What do we find in Korea?
Why do we keep going?
Why have we beenthere for so long?
Why are we still there?
Why are we doublingdown now with.
People like June, and I'mcalling in Shanghai as well
in in some of these, Asianarenas where we really want
to be getting there firstto these cool new ideas.
(11:56):
It's because we see reallyhigh quality science
coming out of biotechs,particularly in Korea as well.
I mean, I've had interactionsin the CRM space.
you've seen a deal thisweek in the oncology space.
We were interested inINR as well in immunology
and respiratory medicine.
It's because the scienceis really high quality, but
(12:16):
it's not just about thishigh quality science either.
There's something about theinteractions I've had with a
lot of Korean biotechs, whichis they've really thought
about their readiness topartner and to mobilize and
accelerate the developmentof the asset with a partner.
So it's, it's this.
Added bonus of you walk intothe initial conversations
(12:38):
and yes, the data's great.
Yes, the ambition is high,but the company structure and
the people that are behindthe impetus there have really
thought, before they evenspeak to me, they've really
thought about what they wantfrom partnership, which often
I go to companies all overthe world and say, what do
you want in the partnership?
And they kind of
Simone F (12:55):
money is their answer.
but, but, but I and I. I wantto get involved in the science.
My teams want to get involvedin the science, and what I
want to know from them is like,what's your next challenge?
What do you need help with?
What, what's the next bigbarrier for you to overcome
to get this into patients?
So I'm gonnaask a question and, and maybe
I'm sorry if I'm messing you up.
Andrew Whittle (13:14):
No, go ahead.
Go ahead.
Simone Fishburn (13:15):
So, you know, one of the things we
talk about with China and thegrowth of the ecosystem there.
Is that you've had, youknow, returnees, sea turtles,
they've gone back, they'veworked in pharmas, they've
learnt this, and so there'sa maturation going on there.
The Korean biotechs haven'treally had that much
exposure, so maybe you cantalk about the this as well.
(13:36):
Like where are they gettingthis sophistication from
what's behind it and what'stheir training ground?
Aram Hong (13:44):
Oh yeah.
Um, before answering that,so I need to, explain,
Simone Fishburn (13:49):
who you are.
Aram Hong (13:49):
Yeah, yeah.
Right.
Yeah.
Uh, what we are doing, so, weare developing non-invasive
continuous glucose monitoring.
So our mission is limit thesubcutaneous is, uh, the
needle from the existing CGM.
So, um, it's, uh, 2025.
So, the needle, in the skin,face, uh, something wrong.
(14:10):
it's unnatural.
We are not the traditional, the,uh, I mean the pure biotech, so
kind of the medical available.
So this is a, conversion,the fusion between the
life sciences and theprecision engineering.
Back to the real question.
In Korea for severaldecades, the top students
(14:34):
have gone into the medicineand pharma and, uh, biotech
and, Precigen engineering.
So, um,
Josh Berlin (14:44):
so, so I, I is that has that, um, you know, we
probably should have introducedto begin with that you, are the
founder and CEO, of Apollon.
But you're also, you're,you know, you've moved
out to Cambridge.
You're, you're here part of theK-Blockbuster, program, which,
um, you know, we were talking,uh, earlier, uh, just one to one
about how you moved your familyhere and real build big bet
(15:05):
on your, on your company here.
So can you talk also aboutsort of how your background
has allowed you to sort of,um, set up shop here and what,
what the K-Blockbuster programis, is all about and how
that's part of your strategy.
Aram Hong (15:18):
Oh yeah.
Um, the getting the chanceto be, on this podcast is
already a big benefit fromthe K-Blockbuster program.
So KHIDI, the Korea HealthIndustry Development Institute,
the organization running theK-Blockbuster program has been
(15:38):
hugely supportive for Koreanstartups are trying to land
in the greater Boston area.
They provide the, free,all pieces space for,
uh, 30, Korean companies.
Josh Berlin (15:51):
You're, you're based here?
Aram Hong (15:52):
At the, at the
Josh Berlin (15:53):
Innovation Center?
Aram Hong (15:54):
Yeah.
So, the reason why I movedto here, uh, last year, so our
first market is U.S. CGM market,U.S. diabetes care market.
So we needed to conducta feasibility study
for FDA clearance.
Yeah.
So, um, there was, uh,the reason, the only reason
(16:16):
why I, moved here and,uh, we, operate two sides
in Seoul and in Boston.
So we are in collaborationwith, uh, MIT for doing that.
for the developingnon-invasive CGM.
I wanna say, to theinternational founders, who,
want to operate the or so, uh,move to the U.S. market don't
(16:40):
send summoners over here.
Because, uh, the CEO or,representative, must be
here for their presence.
Josh Berlin (16:52):
So being on the ground here is really
important to your strategy.
Aram Hong (16:55):
Yeah.
Yeah.
Josh Berlin (16:55):
And you're doing clinical trials
in the U.S. also, right?
Aram Hong (16:58):
Oh, we are about to conduct the feasibility
study at Boston MedicalCenter early next year.
Before that we completed the,feasibility study with the
non-diabetic people at MIT,
Josh Berlin (17:12):
Really fascinating story.
And for those, listening to thepodcast that haven't sort of
looked into the K-Blockbusterprogram, or looked at
what's happening here at theCambridge Innovation Center.
You know, we, we highlyrecommend you check it out.
going back to you, um, Andy,you know, you referenced, uh,
your colleague June, who youknow Boehringer Ingelheim has
BD on the ground in Korea.
(17:33):
I mean, how important, doyou think that is to have the
right person on the ground tobuild those relationships you
need in order to do the deals?
Andrew Whittle (17:41):
It's essential.
It's essential both to be therein physical presence, but it
becomes even more essentialonce you actually start the
process of interacting with thecompanies who are based there.
I have a team that's, I mean,well, the whole BD team at
Boehringer has a global mindset.
So if we have a portfolioambition that we want to bring
in external innovation fromsomewhere, we look globally.
(18:02):
And when we find those things,which recently we've, we've
been finding a few in Koreaand in Asia, having a person
the able to be the conduit.
I mean, look, timezones are problematic.
Josh Berlin (18:14):
Yeah.
Andrew Whittle (18:14):
These are complex discussions early on
about the science, about gettingthe right people in the room,
having a physical presencein the territory so you can
coordinate what's the discussionthat needs to happen, what is
the challenge that you need toanswer the question on next?
Also trust, like building therelationship that, you know,
we're a long way away with myheadquarters in Germany and
the U.S. but making them feelthat we're really dedicated
(18:37):
to working together once wesign a deal, having that local
contact that helps build thedeal, figure out how it's gonna
work, and really build trustand, and a sort of conduit for
scientific exchange, right?
That's why they're there.
Simone Fishburn (18:53):
Me again.
Can you talk a little bitabout whether you see specific
strengths in either therapeuticareas or technologies or
something that would makeKorea a higher up port of call?
Andrew Whittle (19:06):
I would actually say the breadth that I'm seeing
emerge in Korea is why it'sbecoming a higher port of call.
So yes, you're right.
Oncology's been there for along time and we've, we've
just signed an oncology deal.
I'm increasingly talking tocompanies in Korea with more of
a CRM flavor, which historically
Simone (19:19):
Cardio-renal-metabolic.
Andrew Whittle (19:21):
Sorry, yeah.
Cardio-renal-metabolic,which is sort of, I wouldn't
say emerging anymore.
For me, it's, I see a lot ofcompanies now in Korea with that
angle, and I know my immunologycolleagues as well have a,
have a strong basis there.
So they're, some ofour core therapy areas
at Boehringer, right.
Both for our franchisesthat exist and for our
ambitions for the future.
(19:42):
And Korea sort of isincreasingly ticking a lot of
the boxes of both the expertise,the innovation, and your point
again, the willingness toaim high for not just being
a, a next gen medicine, butreally bringing first in class
transformational therapies.
I think that's why Boehringerhas a good history there
(20:02):
is it's that risk sharingwillingness to go big and
really try and bring somethingthat's gonna be transformative
rather than incremental.
Josh Berlin (20:10):
Yeah, I think we got time for maybe one more
question on this first panel.
So, so Aram, maybe I'll, I'llturn back to you, you know,
any point or any, any tips for,western life sciences companies,
Western investors in terms ofhow to build relationships with,
folks like you, you know, Korea,life sciences, entrepreneurs.
Like what, if you werebased here in, in Boston or
(20:33):
based in one or the other.
You know, US hubslike San Francisco.
Like what, how can they meetfolks with, like, you without,
uh, the obvious one getting ona, on a long flight to Seoul?
Aram Hong (20:42):
Yeah.
Um, actually, so I am the, um,the early stage startup and CEO.
So I'm not a, the investors orthe global BD leader like Andy.
Josh Berlin (20:53):
Right.
Aram Hong (20:53):
So, in my case, we found the US partner first, MIT.
So this is, uh, the,river's, uh, relationship
with, I mean, so we, uh,first founded, US partner.
But actually, so I have, uh, tipof the, the partnering with, uh,
(21:13):
the Korean, startups or, lifescience startup and company.
So, start with the earlyconversation with, Some,
Korean companies, that, theoperating in the US in Boston
because, many of the Korean,uh, startups, is here already.
Andrew Whittle (21:33):
Yeah.
Aram Hong (21:33):
So, those startups and companies is the one of
the strongest life sciencecompanies or startup in Korea.
Josh Berlin (21:42):
Cause they've been selected
Aram Hong (21:43):
Yes.
Josh Berlin (21:43):
KHIDI program and then sort of embedded on that.
Aram Hong (21:45):
Yeah.
Right?
Josh Berlin (21:46):
Okay.
So folks listening on thepodcast will have to come out
to, Cambridge here and, uh, andcheck out the Venture Cafe and,
and come visit with folks likeyou and, and folks like Andy.
You know, we're, we're just outof time for on this first panel.
Did wanna say, you know, Simoneis, is supporting some really
great socks here and we do havea bit of a tradition here at,
the BioCentury podcast whenwe are doing it live, where
(22:08):
we like to sport our socks.
And so I did wanna.
Give Andy and, Arum, someBioCentury podcast socks.
Aram Hong (22:15):
I'll, I'll come back again.
Josh Berlin (22:16):
We wear 'em with pride.
We really have enjoyedthe discussion.
So thank you so muchfor, joining us.
We're gonna take a quick breakhere on the podcast and we'll
be right back, momentarilywith our next panel, talking
with, two great investors.
So thank you so much.
Thank you.
Alanna Farro (22:32):
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An arc of innovation isemerging across Asia, and
Western biopharma leadersare taking note-from
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Josh Berlin (23:20):
We are back on this special episode of the
BioCentury's this week podcast.
Next up is our investor session.
So I'd first like to introduce,uh, Debra Peattie, Managing
Partner of SV InvestmentsUS, and Spencer Nam, Managing
Partner of KSV Global, bothbased here in Boston, Cambridge.
(23:41):
Debra, let's start with, you,if we could, I'm gonna, stick
my neck out here and, predictthat you are not, uh, a Korean
or a Korean American, uh, yet.
you are working, for a, um,you know, a Korean investment
firm here in, in the Bostonarea, after, you know, a
long career in, in Westernbiopharma and academia, which
means that my question iswhy, what, what has attracted
(24:04):
you to this opportunity?
And, and where do youthink, the opportunities
are for, SV here in Boston?
Debra Peattie (24:11):
Yeah.
So, um.
In terms of the questionabout, uh, a little bit of
background about SV Investment,the SV stands for strategic
value, and so SV Investment isheadquartered in Seoul, which
is where it was founded in 2006.
unlike some other investmentfirms, they span a wide variety
of different industries.
(24:32):
The, the biotechnology andhealthcare being one of those
things, they've expandedwell in Southeast Asia.
And so it's kind of the reverseof what you were talking about
in some ways with Andy in thesense that they are now looking
to, expand into the US andestablish a footprint here,
which is what the Boston officeSVUS, is focused on doing.
(24:56):
The other two members of ourteam, um, are Korean nationals.
They've been here manyyears, but they're Korean.
And so I guess I representthe boots on the ground, here
in the U.S., Largely Boston,Cambridge, where I've been
for the past 30 plus years.
So I bring the kind ofconnections and the network
here in the Kendall SquareBoston area, which is
(25:20):
what they're seeking.
And then again, to thepoint that was raised
in the last panel, Seoand Jin, my colleagues.
Have the ability to go back andforth between here and Seoul.
Of course, they're fluent inKorean as well as in English.
And so we're, I guessour combination of skills
and connections is, whatattracted the SV headquarters
(25:42):
to the idea of having a, afocused point of entry here.
Josh Berlin (25:46):
Great.
Um, really helpful.
So, so Spencer, let's,let's turn to you.
You're also basedhere in, in Boston.
you were previously, I believe,at SV and, now at KSV, which
is a growth fund investing, Ibelieve in us, Europe, and Asia.
So, tell us a little bitabout, you know, KSV and,
and what your US strategy isand how it relates to Korea.
Spencer Nam (26:08):
Sure.
Um, glad to be here.
thanks for inviting.
so KSV Global asthe name suggests.
it's a global, platform.
we invest across a numberof different industries,
healthcare being one of them.
my background actually beforeI formed KSV about 10 years ago
was, uh, a registered analyston Wall Street Securities
Analyst covering, uh, medtech, and diagnostic space.
(26:31):
So, uh, I did that for about10 years, was coming with a lot
of, uh, background in that andfrom the market perspective,
how the healthcare companies,valued and, and also invested.
so I'm trying to, uh, apply thatinto, uh, private, companies
we formed, uh, KSV for that.
I'm a Korean American, uh,spent, about 14 years in Korea.
(26:51):
And then, uh, my family movedto Boston area, when I was
a teenager, and, uh, havespent about 40 years here.
So, I have grown with, uh,both, you know, exposure to
Korean culture as well as,Obviously I spend most of my,
academic and professional,career here in, in the States.
The reason why, Korea has beenpart of, uh, KSV's strategy
(27:12):
is that, we've seen a lotof interest from the Korean
government and also Koreancompanies and investors
to, uh, come to the UnitedStates to establish presence.
not only in terms of strategicestablishments, but also
financial opportunitiesthat would, generate
above average returns.
(27:33):
We are trying to respond to themarket demand that, Korea has
for the US healthcare industry,a US healthcare market.
And, uh, we are tryingto, uh, create a bridge
between, Korea, uh, Koreancompanies and US investors.
And US capital.
So my role really identifyinginteresting companies, that,
(27:54):
uh, has a potential to be,uh, significant, investment
opportunities for US investorsas well as Korean investors
many of whom we partner with.
Josh Berlin (28:03):
Thank you for that, uh, Spencer.
Debra, you know, there'sobviously a lot of famous
biotech venture funds herein, uh, in Boston, Cambridge.
quite a few, uh, biotechsobviously, you know, probably
the, the largest biotech hub.
A lot of U.S. biotechswith, I'd imagine, um,
opportunities potentially toget in front of those US VCs.
(28:23):
So, walk us througha little bit.
If I'm a US biotech CEO.
Like what, what, what are theadvantages perhaps of looking
to a firm like SV or a Koreainvestor when I'm looking to,
you know, raise my next round?
Why, why, should I,talk to someone like
you for a syndicate?
Are there other, in otherwords, are there strategic
reasons to, to bring in a,a, a Korea investor like SV.
Debra Peattie (28:45):
Yes, there are.
So SV the, the averagesize of the funds under SV
Management and they've gotabout 1.5 billion under
management, is roughly a hundredmillion or a little less.
So in the spectrum ofventure capital funds.
That's a relativelysmall size fund.
So that means that we lookto join syndicates as opposed
(29:10):
to being a lead investordefining the term sheet.
A key thing that we fold intoour strategy is, recognizing
that we're not going to be thelead, is what value can we bring
to the table, in this case for,you know, small early stage
biotechs in Boston, Cambridgethat might be compelling for
(29:31):
someone looking for funding and,a key thing to consider is, say
the ability to conduct clinicaltrials, because even early stage
companies, you should reallystart from the very beginning.
Think about who's gonnabe manufacturing your
material, because asstatistics show, since most
(29:52):
things do not successfullyget to drug approval.
Your clinical trials aregoing to be really where the
CMC grade, y ou know, modalmolecules, whether they're
biologics or small molecules,or cells, are going to be used.
So you need to think from thevery beginning about who's
going to be making it, howmuch that's going to cost,
(30:14):
and about the trials as well.
And so, South Koreahas, you know, excellent
skills and abilities inboth of those fields.
The CDMOs and the clinicaltrial network there.
Yeah.
Let me jump in because I waswondering what you were gonna
say, because this was goingto be my question actually.
You know, we've really seen,this become a critical issue.
(30:37):
Now I can tell you, Iwent out to, I was just
talking with somebody.
I went out to Korea thefirst time, I think it's 10
years ago now, and back thenthey were saying we are a
center for clinical trials.
Yeah.
Simone Fishburn (30:46):
Obviously Australia's been doing that.
I'm not sure how muchit's on people's radar.
We now see people waking upto the idea that in China,
of course, you know, theyare generating early clinical
data very, very fast.
And that's compelling data.
Debra Peattie (31:02):
Yeah.
Simone Fishburn (31:02):
That is driving deal flow.
Debra Peattie (31:04):
Yeah.
Simone Fishburn (31:04):
Whether people in the West are like,
you know, well, we can doit, or, you know, it, it, it
isn't, it's driving deal flow.
Maybe you can talk a little bitabout are there specific areas
within clinical trials whereKorea offers an advantage, can
you get into the clinic faster?
What is the valueproposition for doing it?
Debra Peattie (31:24):
Yeah,
Simone Fishburn (31:24):
Doing your early clinical
trials in, in Korea.
Debra Peattie (31:27):
And you're right, I think this is not
on a lot of radar screens.
So I think one of the key thingsis... so, Seoul is, you know,
a very highly populated city.
With a large number, Ithink it's about eight
to 10, you know, top tiermedical schools, hospitals.
(31:48):
So it's a high concentrationof potential subjects
slash patients for trialsin an area where there are
a lot of hospital beds.
So, for example, if you lookat the total hospital beds,
which you know, are, are asurrogate for the ability
to do a clinical trial.
In Seoul, as of now,there are about 90,000,
(32:09):
so nine zero thousand.
In Boston, Cambridge, thereare 4,000 beds, so the number
of hospital beds in Seoul is10% of the whole number of
hospital beds in the UnitedStates, and there are 10
million people in Seoul.
so like Boston and GreaterBoston, if you do Seoul and
(32:30):
greater Seoul and Seoul, greaterSeoul their 20 million people,
which is approximately, youknow, half, the population
is 50 million in Korea.
Simone Fishburn (32:38):
I know we wanna bring Spencer in, but
let just ask you one follow up.
So definitely, you know, and Ibroke this down and we had an
article, which I don't know,do we have show notes, Josh?
We could put in the show notes.
Josh Berlin (32:48):
Yeah.
Simone Fishburn (32:48):
Breaking down between China and the
U.S. d efinitely the biggerpart is patient recruitment.
Debra Peattie (32:53):
Yep.
Simone Fishburn (32:53):
But there are also parts of the
regulatory process andobviously in Australia, well
not obviously, but those,you know, in Australia that
is smoother and easier.
What does thatlook like in korea?
Are there, is thereless red tape?
Like what is the process?
Debra Peattie (33:07):
From my perspective anyway, what
Korea has going for is it'sgot a nationalized health
system that covers 97% of thepopulation, single payer system.
And it's totally, allthe data are collected,
it's all in one place.
So their ability to mobilizedata quickly and the fact that
since again, it's a nationalizedsystem, you go to the hospital
(33:30):
there, even when you're well.
So the hospitals havehealthy people, they
have unhealthy people.
And so that's just whereyou go for your healthcare.
So I think it, in terms ofred tape, I wouldn't say
it's less red tape, I'dsay it's so well organized.
Simone Fishburn (33:46):
Mm-hmm.
Debra Peattie (33:46):
And everyone is under a single system.
It's not fragmented.
And that leads to the abilityof rapid recruitment, aside
from the government involvementin, you know, utilizing their
clinical trial infrastructurefor the good of the company.
And, you know, there aresurveys done there asking
people on the street, do youknow what clinical trials are?
(34:07):
Would you be willingto participate?
What are the drivers?
So it, it's somethingthat they very proactively
encourage because theyrecognize their skillset.
I mean, real quickly whatthe statistics currently
are that a trial in Koreacan be done 40% faster.
And 40% less costthan in the U.S.
Simone Fishburn (34:27):
Right?
So the, the U.K. needs tobe listening to this podcast
because this is exactlywhat they're trying to do.
Debra Peattie (34:32):
Yeah.
Simone Fishburn (34:33):
But anyway, let's, let's go on Josh.
Josh Berlin (34:34):
Yeah.
Yeah.
Great, great discussion.
So Spencer, let, let'sflip it if, we could.
You know, uh, Simone and I,Simone just mentioned, uh, you
know, trip 10 years ago, butwe've also been out several
times over the last year, uh,us as well as, some colleagues,
you know, been seeing somereally interesting e arly stage
biotechs out there that frankly,I think with the exception
maybe of, of Andy who was onthe earlier panel are, are
(34:57):
not necessarily on the radarof a lot of Western biopharma
execs or Western investors.
So, if you were a Korea,uh, you know, biotech, a
founder, like, like how doyou prepare for globalization?
How do, how do you find,you know, the right
global investors, theright global partners?
I predict we're gonna havea lot of folks listening
to the podcast from Korea.
(35:18):
You know, what, what aresome, some guidance you can
provide, you know, with yourexperience here in Boston.
Spencer Nam (35:23):
Sure.
And, uh, I'll preface thiscomment by saying that
I'm an investor, investings omeone else's capital,
to generate returns,
Simone Fishburn (35:32):
That's the best kind of capital.
Spencer Nam (35:33):
Well, you know,
Simone Fishburn (35:33):
But, yeah.
Spencer Nam (35:34):
I have to, you know, obviously I have
essentially a boss, in thelimited partners that I
have to, uh, respond to.
And they can't wait 20 yearsto deliver returns for them.
Uh, we will be, we willbe out of business.
So it's a much less timeframe,through which we have to,
make something work as in,you know, we have to exit.
(35:55):
From that standpoint, Koreacan be a bit of a challenge,
especially in healthcare,biotech space, where lot of
these assets are still in amuch earlier stage than some of
the assets that you come acrosshere in the United States.
I think one of the challengesthat we have faced, up
until now is that, uh,a lot of the researches
(36:15):
that, uh, were being done.
Projects that were beingdone in Korea, who are less
known by U.S. mainstream,you know, the companies and
also in institutions here,including the investors.
So, because the Korea is onthe other side of the globe,
relative to the United States,the different, culture and
the language, just there's afundamental, sort of roadblock
(36:35):
that you have to overcome.
And that is just howdo we get ourselves
known to the US market.
Now, fortunately from Korea,Korea standpoint, we have,
these, uh, the mega companiesfrom U.S. and Europe now
going into Korea, openingup offices and really
canvassing the, the countryto find these good deals.
(36:56):
But still there's a, there'sa bit of a gap between what
we know here with informationthat we have versus what's
available over there.
So if you are a, uh, an excitingKorean company, biotech space
or a healthcare space thatyou, you want to access, global
market, I think you have tocome to the United States.
And when I talk to a lot ofKorean, uh, entrepreneurs.
(37:18):
Their sort of idea ofgoing to, coming to United
States is like, you gottaland a ship almost, right?
Josh Berlin (37:23):
Yeah.
Spencer Nam (37:23):
But it's not like that.
It's, you actually, just thinkof it as like you are flying
over United States, you know,10,000 feet on a plane and
you're jumping with a parachuteand you're landing by yourself
in Boston, Massachusetts,uh, or San Francisco area,
and you are all alone.
But that starts the wholeprocess of you becoming part
(37:44):
of the network and be able toassociate yourself with all
these, uh, uh, establishedentrepreneurs, the big pharmas,
the investors and so forth.
And it's just really the, Ithink the, recursion of meeting
the folks in the U.S., beable to introduce your story.
And, you know, that creates a, amomentum that leads to, uh, more
(38:05):
investments and, uh, you know,potential collaborations with,
uh, big pharmas and so forth.
So it, it, it's just a matterof face time and, and I really
think that that's very critical.
Even if you're notcomfortable with English,
you just gotta come herefirst and then it'll happen.
Because Korea's got ton ofgreat, uh, research, and ton
of great scientists that areworking on some very interesting
(38:26):
stuff, but they're just notbeing publicized enough.
Josh Berlin (38:30):
I saw some stat recently about how, um, the
delegation from Korea at BIOthis year, which was in, Boston,
was the largest internationaldelegation of any country.
But it sounds like whatyou're saying is you need to
go to these events, you needto go to BIO, you need to
go to J.P. Morgan, but youknow, it sounds like you need
to do more than that also.
Spencer Nam (38:50):
Yeah.
Well, yes you do because,uh, so one thing that this is
culturally you can't appreciatethat until, until you, you are
part of the Korean, sort ofthe, the, you know, the culture
is, is there is actually anational effort to turn biotech
space, the healthcare space asone of their long-term growth
opportunities as a country.
So the Korean government isspending amazing amount of
(39:11):
money trying to, uh, supportall these companies, Korean
fledgling companies, bigpharmas, you know, anybody to
really come to U.S. and, andbuild their presence here.
But just coming tothese conferences is not
exactly how you're gonnadevelop relationships.
What you need to do is really,just like, uh, Apollon and, and
others that have come to UnitedStates through K-Blockbuster
(39:33):
program, for example.
You gotta be here and bepart of this ecosystem.
And
Simone Fishburn (39:38):
Can I
Spencer Nam (39:39):
Go ahead.
Simone Fis (39:39):
Can I ask something?
that, Andy said on theearlier panel from Boehringer,
which is that when theywalk in to conversations
with Korean innovators.
Really, they start off, they'revery, very thorough, they're
very rigorous, they walkin knowing what they want.
Which to me speaks to a sort ofcertain level of sophistication.
(40:00):
Can you talk about that?
Spencer Nam (40:01):
Yeah, absolutely.
Absolutely.
So there is this sophisticationon the, uh, the sort
of the US market side.
And there's a sophistication,grades of sophistication
on the Korea side.
So, Bo ehringer Ingelheim,extremely sophisticated buyer.
They can look at a particularproject or particular scientist
and they can actually evaluatethem in a very sophisticated
(40:21):
and very detailed way.
How do we fit thisparticular project into
our, uh, our system?
We as investors aremuch less equipped for
something like that.
So we, we are relying on,you know, sort of outside
signals, for them to tellus, for us to recognize, oh,
this is a great opportunity.
And so, if the Korean companiesare trying to license out
(40:41):
some, you know, some of theirassets to U.S. companies or
global companies, then yougotta somehow bring them over
to Korea or you gotta come toUnited States and meet them
here and have these discussionsgoing back and forth.
It's not gonna belike one and done.
It's gotta be multiplediscussions that you'll
have to go through, right?
So there is that challengethat you have to overcome.
But if you are looking forinvestments, then, clearly
(41:04):
Korean government and Koreaninvestors are investing a lot of
capital into Korean companies.
But for you to really get tothe next level of development,
you need the bigger capitalout of U.S., in my opinion.
And in order to do so, you can'tjust address the sophistication
that Boehringer Ingelheim orPfizer, or Novo Nordisk is
looking for you gotta, youknow, talk to us, the investors.
(41:25):
Were not as sophisticatedas these pharma companies,
but we gotta feel, we gottabe comfortable betting on
you because this is a lotof risk that we are taking.
And by the way, if you are herein Boston, for example, where
I'm, you know, operating, it'smuch easier for us to feel
comfortable with your storythan if you are in Seoul, Korea
and we have to do a Zoom and.
(41:47):
Gosh, I have no idea whathappens on a day-to-day basis.
That's a challenge.
Simone Fishburn (41:51):
Let's get Debra's view on that.
Debra Peattie (41:53):
Yeah, I was just thinking, because
again, for us, we're in theBoston office of SV, you
know, we are looking here.
So what we tried to do isof course find, you know,
top tier science, but then,ensure that that aligns with
the interests of, you know,our colleagues over in Seoul
(42:14):
in terms of the bio team.
So it's, um, I would say toSpencer's point, it is more
straightforward here toassess, say the interest of
big pharma and even otherbiotechs because they're all
here in an emerging technology.
And then kind of one of thechallenges that our team
has is to align that with,you know, the interests
(42:37):
of the home office.
So it's,
Spencer Nam (42:39):
And, and let me add to that, and, you know,
as a, as an investor in theUnited States, I can tell you
right now, the researchersor even pharma companies,
they may not feel pressureor the concerns associated
with CFIUS, uh, reviews.
We are feeling that actuallyquite like literally.
Every deal that we do, if it'sparticularly if, if the deal
(43:01):
is in, in Asia, for example,we have to make sure that
it does not trigger CFIUS.
So what that means is actuallyKorea is one of the few places
in the world where we canactually identify attractive
healthcare companies thatwill not trigger that.
Unfortunately for a lot ofdifferent reasons, China,
even though there's a lot ofdata coming out and all of
(43:23):
that, it's a concern for us.
We don't have a, uh, you know,like a location in, in Shanghai
that we can, you know, leverageto invest in these companies.
We, investors in the UnitedStates, almost everybody, I
can tell you this right nowis going to have trouble.
Investing in in an asset inChina, which makes the big
pharmas, global big pharmasa huge advantage, you know,
(43:45):
advantageous position forthem to go in and, and, you
know, pick these assets up.
But for us, we really gotta,if you're gonna invest
outside of a United States,it probably creates one
of the few places that wecan, we can find attractive
early stage companies.
Josh Berlin (43:58):
Yeah, that, that's great guys.
I mean, we could goon I think all night.
I mean, I'd love to continuethe discussion, but we
are running out of time.
So first off, wanted to,you know, thank, Spencer
and, uh, and Debra, withtwo, uh, pairs, pair of each
of, BioCentury's fantasticThis Week podcast socks.
And, um, really, really wantedto thank KHIDI and Venture
Cafe Cambridge for hosting theBioCentury's This Week podcast.
(44:23):
Thank all of you for joining.
Really, um, thank, our, our,uh, our guest, and Wanted
to also do a quick plug, uh,BioCentury's podcast will
be back on the road, laterthis month, November 19th,
in the U.K. on the sidelinesof London Life Sciences
Week and Jefferies Week.
You can find out more aboutthat at BioCenturyLondon.
(44:43):
com.
And if you have enjoyedtoday's discussion about Korea
opportunities, we hope you'lljoin us March 9th to 11th
in Seoul, where BioCentury's5th East- West Biopharma
Summit will take place.
You can learn more about thatat BioCenturyeastwest.com.
And for everyone here in theaudience, you know, we're gonna
have a great group of companiespresenting that are part of the,
(45:06):
uh, KHIDI Blockbuster program,so stick around for that.
And thank you all for joining,and we hope to, uh, continue the
discussion on the next podcast.
So thank you.
Spencer Nam (45:14):
Good to be here.
Thank you.
Thank you.
Eric Pierce (45:20):
BioCentury would like to thank the Korean
Ministry of Health and Welfareand KHIDI for supporting the
BioCentury This Week podcast.
To learn more about theK-Blockbuster Companies, visit
kblockbuster.com/directory
[AI-generated transcript.]
Eric Pierce (00:02):
BioCentury This Week is brought to you by
the Korea Health IndustryDevelopment Institute, KHIDI,
a public institution under theMinistry of Health and Welfare
of the Republic of Korea.
Through its K-BlockbusterGlobal Expansion Program,
KHIDI supports Korean biohealthcompanies entering major
innovation hubs like theBoston Bio Cluster by providing
(00:23):
office spaces in the CambridgeInnovation Center, and many
networking opportunities.
Since 2022, KHIDI has supported43 companies resulting in FDA
approvals, licensing deals, andthe establishment of an emerging
Korean ecosystem in the U.S.
We're recording this episodelive from K-Blockbuster
Night, held in collaborationwith Venture Café at CIC
(00:46):
Cambridge, featuring nine
Apollon, Huan, USA, Yuhan USA,Dong-A, Intek Scientific, C&R
Research U.S., VSPharmTech,PROTEINA and MEPSGEN U.S.
Jeff Cranmer (01:08):
You are listening to a special edition of the
BioCentury This Week podcast.
Recorded live on stage November6th At Venture Café Cambridge at
the Cambridge Innovation Centerfor KHIDI's K-Blockbuster
Night, BioCentury's.
Would like to thank KHIDI,that's the Korea Health
(01:30):
Industry Development Institute.
For sponsoring the event nowhere's your host, Josh Berlin.
Josh Berlin (01:38):
welcome to a special edition of the
BioCentury's this week podcast.
Today we are coming to youlive from the Venture Cafe
Cambridge in the heart ofone of the world's most
important biotech hubs.
My name is Josh Berlinand I lead business
development for BioCentury's.
as many of you podcastlisteners know, we have taken
the podcast on the road.
For several live recordingsthis year, most recently in
(02:01):
Shanghai last month at our12th China Healthcare Summit.
You may of course listen to,uh, the BioCentury's this
week podcast and our sisterpodcast, the BioCentury Show
on Spotify or Apple or whereveryou listen, to podcasts.
this is the first time thatBioCentury has recorded a
podcast in the biotech hub ofBoston, Cambridge, and it's
(02:21):
really great, speaking onbehalf of my colleague Simone.
It's really great to be.
Back in town, andseeing so many, uh,
great faces in the room.
before we get started, I didwant to thank our friends
at KHIDI, which is known asthe Korea Health Industry
Development Institute underKorea's Ministry of Health and
Welfare, for sponsoring thisspecial edition of the podcast.
Also, a special thanks toVenture Cafe at the Cambridge
(02:44):
Innovation Center, where we arerecording today's podcast during
KHIDI's Blockbuster Night.
For those who don'tknow, KHIDI's Blockbuster
Initiative, it's an expansionprogram that helps Korea
life sciences companies toenter major innovation hubs
like Boston, Cambridge.
And we'll be talking a littlebit today, about that program.
(03:05):
I'm really, really lookingforward to today's discussion.
BioCentury has visited,South Korea several times in
the last, couple of years.
and as everyone knows, Asiadeals right now are really,
really hot in the industry.
A lot of that, deal flowis focused on China, but
BioCentury's is also seeing,growing opportunities across
(03:29):
what we call Asia's emerging arcof innovation, which includes
South Korea, Singapore, Japan,Australia, and elsewhere.
And we think Korea in particularrepresents an opportunity.
in addition to a growing biotechecosystem with opportunities
for western biopharma companiesand investors to potentially
(03:49):
source innovation, we also thinkthere's a lot of opportunities
to accelerate drug developmentthrough Korea clinical trials
and CDMO manufacturers.
And in fact, BioCentury's willbe out in Korea in March for our
5th East-West Biopharma Summit.
we'll be out there in Seoul.
If anyone wants to join usand learn more, uh, please
check out the website atBioCenturyEastWest.com.
(04:13):
so with that brief intro,uh, let's get started.
We're gonna split today'spodcast into two mini panels.
We're gonna start with anindustry session followed
by an investor session.
we're gonna start right nowwith the industry session.
I first of all wanted tointroduce my colleague, uh,
Simone Fishburn, BioCentury'sVP and Editor in Chief who of
course needs no introductionto our podcast listeners.
(04:36):
Also on this session, Simoneand I are joined by Aram
Hong, CEO of Korea, medtechstartup, Apollon, which is
part of the K-Blockbusterprogram here in Cambridge.
And also Andy Whittle, whois Global Head of BDNL in the
cardiorenal metabolic spacefor Boehringer Ingelheim,
and he's also based here inthe Boston Cambridge area.
(04:58):
And as we're gonna learn, Ithink Boehringer Ingelheim has
been one of the more activewestern biopharmas in Korea.
So look forward to hearing,Andy's take on that.
let's get started.
So Simone, uh, maybewe'll start with you.
Uh, you know, BioCenturyrecently issued, uh,
you and your team a, areport about Asia deals.
We got a lot of feedback aboutthat, transactions, from the
(05:21):
start of 2023 through mid 2025.
Obviously a lot ofdiscussion about China in
there, but also some, Ithought, some interesting
takeaways about Korea.
One in particular that, thatjumped out to me was, I believe
it was Korea represented 12% ofthe total Asia deals, but 20% of
(05:41):
the first in class partnerships.
maybe walk us through, thatreport sort of top, top level
and, and what your, your keytakeaways were from that.
Simone Fishburn (05:49):
Yeah.
Thanks Josh.
Thanks everybody.
It's really fun to be here.
I don't think people aregonna argue with what an
important, hub this is.
Certainly not people hereare gonna argue with that.
Um, yeah.
So we did look at thesedeals, uh, out-licensing
deals from Asian.
So what this meant was thesewere Asia based biotechs.
since, as you say, it wasabout a 30 month thing.
(06:11):
It was from the beginningof, of 2023, through, I guess
the end of June this year.
I think they were likejust shy of 200 deals.
We were looking at westernbiotechs and pharmas, MNCs,
multinational corporations.
That were licensing inthese assets, right?
That there was a, a handfulof, of M&A, but actually
(06:32):
M&A was not a big partof this picture, which is
something we might talk about.
but the thing that struck mewas two thirds of the deals were
for Western biotech license.
Bias.
Right.
And so I think generally when wethink about deals with Asia and
people on the ground, and youknow, we, we've got one here,
it's mostly people think aboutgetting pharmas and pharmas have
(06:53):
really been on the ground, andI know we're gonna talk about
that, but I think the degreeto which western biotechs.
are, reaching out, creatingpartnerships in licensing
assets is just extraordinary.
And, um, you, you're rightthat a lot were from China.
so that was one ofthe, the take homes.
I think the other is,the area of innovation.
(07:14):
I think people tend to thinkthat it's all about cancer.
We are seeing a realrise in INI right?
Immunology and, andinflammation and, certainly
on the China front.
with obesity too.
And so what we're learningis that, you know, very,
very fast innovation sortof catches fire in Asia.
(07:34):
And now I'm gonna lean intothat a little bit more for Korea
because to your point Yeah.
20% of the first in class deals.
And what, what we see isthat among there, there were
obviously fewer deals from Koreaor from Korean biotechs, but
the proportion among those offirst in class assets was really
quite high, was much higher.
(07:55):
And what that tells me,and I really am keen to
discuss it with you guys, is.
You know, it sort of speaks toan appetite for risk, right?
Going first in class, andwe define that BioCentury
as you could be the firstagainst a target, or you
could be going against atarget with a new modality
or into a new indication.
But basically there'sa very different risk
(08:16):
profile for first in class.
And while China is gettingthere, and I think as people are
moving away from thinking aboutit, even just as fast followers.
It seems like careershad that appetite sort
of inbuilt for a while.
So I'm gonna stop here and seewhere you wanna go with that.
Josh Berlin (08:30):
Yeah, yeah.
No, that, that's great.
Um, uh, Simone, so, so Andy,maybe, maybe we'll go to you.
Um, next.
you know, there'sbeen I think a, a few.
deals, this year that werehighlighted in the BioCentury
report, you know, GSK andKorea ABL deal, which I think
was 75, 77 million upfront.
and there's a few othersthere that, that sort
of struck my, eye.
(08:50):
but then, you know, you, youguys just did a deal, the
timing couldn't be better.
We love having folksjoin the podcast who
are hot off of a deal.
And, uh, tell us a littlebit, you know, this was a
deal with, uh, ADC deal with aKorean company called AimedBio.
tell us a little bit about howthat happened and, and what
you're seeing, from BoehringerIngelheim's perspective in terms
of innovation, and opportunitiesfor partnerships in Korea.
Andrew Whittle (09:12):
Yeah, so maybe if I could, uh, set
the context here, which is.
We are not new to beingvery, very interested in the
Korean innovation space andwe, we've been in Korea for.
Long time, and I've been atthe company since 2021 and I
know it stems way before that,that we've had a physical
presence in Asia for sure.
And in my time here, we'vereally doubled down on having
a, a boots on the groundapproach to Korea itself.
(09:36):
June Hahn is someone whohelped organize this event,
and she's our sort of personright there, my eyes and
ears for my global team inwhat's happening in Korea.
I think I would sort of echowhat you were saying about the.
Risk willingness of theKorean biotech sector.
And I think we've realizedthat for a while because we
also have, as a company, youknow, Boehringer does tend to
(10:00):
partner a little bit earlier.
We have a big researchorganization and we are
willing to step in andshare some of that risk
if the science is solid.
And I think that'sbeen a really.
Obvious sort of meeting ofconcepts between the Korean
approach and our approach, whichis if you aim big, go bold.
We want transformativefirst in class medicines.
(10:20):
it's a good place for us to findexciting, bold, new ideas with
that ambition to be first inclass and to be transformative.
And I think the deal yousaw us make two weeks ago.
is a product of that.
Simone Fishburn (10:35):
And then I'm gonna jump in.
Okay.
Because, and we at BioCentury,uh, I'm gonna even use
the word suffer from this.
Okay.
Because Boehringer does alot of really interesting,
really early stage deals.
Andrew Whittle (10:47):
Mm-hmm.
Simone Fishburn (10:48):
And maybe because you're private, we
don't know about a lot ofthe stuff that you guys do.
Okay.
This makes it hard for us.
We would like to know,you have a presence there,
but you know, it, it's notnecessarily broadcasting,
you know, we'll see theseannouncements about deals.
We're like, wow, that isactually, and so we do notice
actually this sort of appetitethat you guys have for early
stage things and for risk.
So maybe you can talkus through a little bit.
(11:10):
When you are out there, youare looking at this asset.
how are you comparingthat with what you could
get outside of Korea?
What, what is your,what is your process?
Now, I've got you in frontof us so I can ask you this
Andrew Whittl (11:23):
Captive audience.
Yeah.
We are real.
I mean, I know a lot ofcompanies say this, but
I've been at the companyfor four and a half years
now, and it, it's...
Simone Fishburn (11:31):
Your going to say you're
the partner of choice.
Andrew Whittle (11:33):
No, I'm not gonna say that.
I'm, I, I say the idea thatwe put science first is the
lived ethos of the company.
So it really does come down toit being really good science.
What do we find in Korea?
Why do we keep going?
Why have we beenthere for so long?
Why are we still there?
Why are we doublingdown now with.
People like June, and I'mcalling in Shanghai as well
in in some of these, Asianarenas where we really want
to be getting there firstto these cool new ideas.
(11:56):
It's because we see reallyhigh quality science
coming out of biotechs,particularly in Korea as well.
I mean, I've had interactionsin the CRM space.
you've seen a deal thisweek in the oncology space.
We were interested inINR as well in immunology
and respiratory medicine.
It's because the scienceis really high quality, but
(12:16):
it's not just about thishigh quality science either.
There's something about theinteractions I've had with a
lot of Korean biotechs, whichis they've really thought
about their readiness topartner and to mobilize and
accelerate the developmentof the asset with a partner.
So it's, it's this.
Added bonus of you walk intothe initial conversations
(12:38):
and yes, the data's great.
Yes, the ambition is high,but the company structure and
the people that are behindthe impetus there have really
thought, before they evenspeak to me, they've really
thought about what they wantfrom partnership, which often
I go to companies all overthe world and say, what do
you want in the partnership?
And they kind of
Simone F (12:55):
money is their answer.
but, but, but I and I. I wantto get involved in the science.
My teams want to get involvedin the science, and what I
want to know from them is like,what's your next challenge?
What do you need help with?
What, what's the next bigbarrier for you to overcome
to get this into patients?
So I'm gonnaask a question and, and maybe
I'm sorry if I'm messing you up.
Andrew Whittle (13:14):
No, go ahead.
Go ahead.
Simone Fishburn (13:15):
So, you know, one of the things we
talk about with China and thegrowth of the ecosystem there.
Is that you've had, youknow, returnees, sea turtles,
they've gone back, they'veworked in pharmas, they've
learnt this, and so there'sa maturation going on there.
The Korean biotechs haven'treally had that much
exposure, so maybe you cantalk about the this as well.
(13:36):
Like where are they gettingthis sophistication from
what's behind it and what'stheir training ground?
Aram Hong (13:44):
Oh yeah.
Um, before answering that,so I need to, explain,
Simone Fishburn (13:49):
who you are.
Aram Hong (13:49):
Yeah, yeah.
Right.
Yeah.
Uh, what we are doing, so, weare developing non-invasive
continuous glucose monitoring.
So our mission is limit thesubcutaneous is, uh, the
needle from the existing CGM.
So, um, it's, uh, 2025.
So, the needle, in the skin,face, uh, something wrong.
(14:10):
it's unnatural.
We are not the traditional, the,uh, I mean the pure biotech, so
kind of the medical available.
So this is a, conversion,the fusion between the
life sciences and theprecision engineering.
Back to the real question.
In Korea for severaldecades, the top students
(14:34):
have gone into the medicineand pharma and, uh, biotech
and, Precigen engineering.
So, um,
Josh Berlin (14:44):
so, so I, I is that has that, um, you know, we
probably should have introducedto begin with that you, are the
founder and CEO, of Apollon.
But you're also, you're,you know, you've moved
out to Cambridge.
You're, you're here part of theK-Blockbuster, program, which,
um, you know, we were talking,uh, earlier, uh, just one to one
about how you moved your familyhere and real build big bet
(15:05):
on your, on your company here.
So can you talk also aboutsort of how your background
has allowed you to sort of,um, set up shop here and what,
what the K-Blockbuster programis, is all about and how
that's part of your strategy.
Aram Hong (15:18):
Oh yeah.
Um, the getting the chanceto be, on this podcast is
already a big benefit fromthe K-Blockbuster program.
So KHIDI, the Korea HealthIndustry Development Institute,
the organization running theK-Blockbuster program has been
(15:38):
hugely supportive for Koreanstartups are trying to land
in the greater Boston area.
They provide the, free,all pieces space for,
uh, 30, Korean companies.
Josh Berlin (15:51):
You're, you're based here?
Aram Hong (15:52):
At the, at the
Josh Berlin (15:53):
Innovation Center?
Aram Hong (15:54):
Yeah.
So, the reason why I movedto here, uh, last year, so our
first market is U.S. CGM market,U.S. diabetes care market.
So we needed to conducta feasibility study
for FDA clearance.
Yeah.
So, um, there was, uh,the reason, the only reason
(16:16):
why I, moved here and,uh, we, operate two sides
in Seoul and in Boston.
So we are in collaborationwith, uh, MIT for doing that.
for the developingnon-invasive CGM.
I wanna say, to theinternational founders, who,
want to operate the or so, uh,move to the U.S. market don't
(16:40):
send summoners over here.
Because, uh, the CEO or,representative, must be
here for their presence.
Josh Berlin (16:52):
So being on the ground here is really
important to your strategy.
Aram Hong (16:55):
Yeah.
Yeah.
Josh Berlin (16:55):
And you're doing clinical trials
in the U.S. also, right?
Aram Hong (16:58):
Oh, we are about to conduct the feasibility
study at Boston MedicalCenter early next year.
Before that we completed the,feasibility study with the
non-diabetic people at MIT,
Josh Berlin (17:12):
Really fascinating story.
And for those, listening to thepodcast that haven't sort of
looked into the K-Blockbusterprogram, or looked at
what's happening here at theCambridge Innovation Center.
You know, we, we highlyrecommend you check it out.
going back to you, um, Andy,you know, you referenced, uh,
your colleague June, who youknow Boehringer Ingelheim has
BD on the ground in Korea.
(17:33):
I mean, how important, doyou think that is to have the
right person on the ground tobuild those relationships you
need in order to do the deals?
Andrew Whittle (17:41):
It's essential.
It's essential both to be therein physical presence, but it
becomes even more essentialonce you actually start the
process of interacting with thecompanies who are based there.
I have a team that's, I mean,well, the whole BD team at
Boehringer has a global mindset.
So if we have a portfolioambition that we want to bring
in external innovation fromsomewhere, we look globally.
(18:02):
And when we find those things,which recently we've, we've
been finding a few in Koreaand in Asia, having a person
the able to be the conduit.
I mean, look, timezones are problematic.
Josh Berlin (18:14):
Yeah.
Andrew Whittle (18:14):
These are complex discussions early on
about the science, about gettingthe right people in the room,
having a physical presencein the territory so you can
coordinate what's the discussionthat needs to happen, what is
the challenge that you need toanswer the question on next?
Also trust, like building therelationship that, you know,
we're a long way away with myheadquarters in Germany and
the U.S. but making them feelthat we're really dedicated
(18:37):
to working together once wesign a deal, having that local
contact that helps build thedeal, figure out how it's gonna
work, and really build trustand, and a sort of conduit for
scientific exchange, right?
That's why they're there.
Simone Fishburn (18:53):
Me again.
Can you talk a little bitabout whether you see specific
strengths in either therapeuticareas or technologies or
something that would makeKorea a higher up port of call?
Andrew Whittle (19:06):
I would actually say the breadth that I'm seeing
emerge in Korea is why it'sbecoming a higher port of call.
So yes, you're right.
Oncology's been there for along time and we've, we've
just signed an oncology deal.
I'm increasingly talking tocompanies in Korea with more of
a CRM flavor, which historically
Simone (19:19):
Cardio-renal-metabolic.
Andrew Whittle (19:21):
Sorry, yeah.
Cardio-renal-metabolic,which is sort of, I wouldn't
say emerging anymore.
For me, it's, I see a lot ofcompanies now in Korea with that
angle, and I know my immunologycolleagues as well have a,
have a strong basis there.
So they're, some ofour core therapy areas
at Boehringer, right.
Both for our franchisesthat exist and for our
ambitions for the future.
(19:42):
And Korea sort of isincreasingly ticking a lot of
the boxes of both the expertise,the innovation, and your point
again, the willingness toaim high for not just being
a, a next gen medicine, butreally bringing first in class
transformational therapies.
I think that's why Boehringerhas a good history there
(20:02):
is it's that risk sharingwillingness to go big and
really try and bring somethingthat's gonna be transformative
rather than incremental.
Josh Berlin (20:10):
Yeah, I think we got time for maybe one more
question on this first panel.
So, so Aram, maybe I'll, I'llturn back to you, you know,
any point or any, any tips for,western life sciences companies,
Western investors in terms ofhow to build relationships with,
folks like you, you know, Korea,life sciences, entrepreneurs.
Like what, if you werebased here in, in Boston or
(20:33):
based in one or the other.
You know, US hubslike San Francisco.
Like what, how can they meetfolks with, like, you without,
uh, the obvious one getting ona, on a long flight to Seoul?
Aram Hong (20:42):
Yeah.
Um, actually, so I am the, um,the early stage startup and CEO.
So I'm not a, the investors orthe global BD leader like Andy.
Josh Berlin (20:53):
Right.
Aram Hong (20:53):
So, in my case, we found the US partner first, MIT.
So this is, uh, the,river's, uh, relationship
with, I mean, so we, uh,first founded, US partner.
But actually, so I have, uh, tipof the, the partnering with, uh,
(21:13):
the Korean, startups or, lifescience startup and company.
So, start with the earlyconversation with, Some,
Korean companies, that, theoperating in the US in Boston
because, many of the Korean,uh, startups, is here already.
Andrew Whittle (21:33):
Yeah.
Aram Hong (21:33):
So, those startups and companies is the one of
the strongest life sciencecompanies or startup in Korea.
Josh Berlin (21:42):
Cause they've been selected
Aram Hong (21:43):
Yes.
Josh Berlin (21:43):
KHIDI program and then sort of embedded on that.
Aram Hong (21:45):
Yeah.
Right?
Josh Berlin (21:46):
Okay.
So folks listening on thepodcast will have to come out
to, Cambridge here and, uh, andcheck out the Venture Cafe and,
and come visit with folks likeyou and, and folks like Andy.
You know, we're, we're just outof time for on this first panel.
Did wanna say, you know, Simoneis, is supporting some really
great socks here and we do havea bit of a tradition here at,
the BioCentury podcast whenwe are doing it live, where
(22:08):
we like to sport our socks.
And so I did wanna.
Give Andy and, Arum, someBioCentury podcast socks.
Aram Hong (22:15):
I'll, I'll come back again.
Josh Berlin (22:16):
We wear 'em with pride.
We really have enjoyedthe discussion.
So thank you so muchfor, joining us.
We're gonna take a quick breakhere on the podcast and we'll
be right back, momentarilywith our next panel, talking
with, two great investors.
So thank you so much.
Thank you.
Alanna Farro (22:32):
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Josh Berlin (23:20):
We are back on this special episode of the
BioCentury's this week podcast.
Next up is our investor session.
So I'd first like to introduce,uh, Debra Peattie, Managing
Partner of SV InvestmentsUS, and Spencer Nam, Managing
Partner of KSV Global, bothbased here in Boston, Cambridge.
(23:41):
Debra, let's start with, you,if we could, I'm gonna, stick
my neck out here and, predictthat you are not, uh, a Korean
or a Korean American, uh, yet.
you are working, for a, um,you know, a Korean investment
firm here in, in the Bostonarea, after, you know, a
long career in, in Westernbiopharma and academia, which
means that my question iswhy, what, what has attracted
(24:04):
you to this opportunity?
And, and where do youthink, the opportunities
are for, SV here in Boston?
Debra Peattie (24:11):
Yeah.
So, um.
In terms of the questionabout, uh, a little bit of
background about SV Investment,the SV stands for strategic
value, and so SV Investment isheadquartered in Seoul, which
is where it was founded in 2006.
unlike some other investmentfirms, they span a wide variety
of different industries.
(24:32):
The, the biotechnology andhealthcare being one of those
things, they've expandedwell in Southeast Asia.
And so it's kind of the reverseof what you were talking about
in some ways with Andy in thesense that they are now looking
to, expand into the US andestablish a footprint here,
which is what the Boston officeSVUS, is focused on doing.
(24:56):
The other two members of ourteam, um, are Korean nationals.
They've been here manyyears, but they're Korean.
And so I guess I representthe boots on the ground, here
in the U.S., Largely Boston,Cambridge, where I've been
for the past 30 plus years.
So I bring the kind ofconnections and the network
here in the Kendall SquareBoston area, which is
(25:20):
what they're seeking.
And then again, to thepoint that was raised
in the last panel, Seoand Jin, my colleagues.
Have the ability to go back andforth between here and Seoul.
Of course, they're fluent inKorean as well as in English.
And so we're, I guessour combination of skills
and connections is, whatattracted the SV headquarters
(25:42):
to the idea of having a, afocused point of entry here.
Josh Berlin (25:46):
Great.
Um, really helpful.
So, so Spencer, let's,let's turn to you.
You're also basedhere in, in Boston.
you were previously, I believe,at SV and, now at KSV, which
is a growth fund investing, Ibelieve in us, Europe, and Asia.
So, tell us a little bitabout, you know, KSV and,
and what your US strategy isand how it relates to Korea.
Spencer Nam (26:08):
Sure.
Um, glad to be here.
thanks for inviting.
so KSV Global asthe name suggests.
it's a global, platform.
we invest across a numberof different industries,
healthcare being one of them.
my background actually beforeI formed KSV about 10 years ago
was, uh, a registered analyston Wall Street Securities
Analyst covering, uh, medtech, and diagnostic space.
(26:31):
So, uh, I did that for about10 years, was coming with a lot
of, uh, background in that andfrom the market perspective,
how the healthcare companies,valued and, and also invested.
so I'm trying to, uh, apply thatinto, uh, private, companies
we formed, uh, KSV for that.
I'm a Korean American, uh,spent, about 14 years in Korea.
(26:51):
And then, uh, my family movedto Boston area, when I was
a teenager, and, uh, havespent about 40 years here.
So, I have grown with, uh,both, you know, exposure to
Korean culture as well as,Obviously I spend most of my,
academic and professional,career here in, in the States.
The reason why, Korea has beenpart of, uh, KSV's strategy
(27:12):
is that, we've seen a lotof interest from the Korean
government and also Koreancompanies and investors
to, uh, come to the UnitedStates to establish presence.
not only in terms of strategicestablishments, but also
financial opportunitiesthat would, generate
above average returns.
(27:33):
We are trying to respond to themarket demand that, Korea has
for the US healthcare industry,a US healthcare market.
And, uh, we are tryingto, uh, create a bridge
between, Korea, uh, Koreancompanies and US investors.
And US capital.
So my role really identifyinginteresting companies, that,
(27:54):
uh, has a potential to be,uh, significant, investment
opportunities for US investorsas well as Korean investors
many of whom we partner with.
Josh Berlin (28:03):
Thank you for that, uh, Spencer.
Debra, you know, there'sobviously a lot of famous
biotech venture funds herein, uh, in Boston, Cambridge.
quite a few, uh, biotechsobviously, you know, probably
the, the largest biotech hub.
A lot of U.S. biotechswith, I'd imagine, um,
opportunities potentially toget in front of those US VCs.
(28:23):
So, walk us througha little bit.
If I'm a US biotech CEO.
Like what, what, what are theadvantages perhaps of looking
to a firm like SV or a Koreainvestor when I'm looking to,
you know, raise my next round?
Why, why, should I,talk to someone like
you for a syndicate?
Are there other, in otherwords, are there strategic
reasons to, to bring in a,a, a Korea investor like SV.
Debra Peattie (28:45):
Yes, there are.
So SV the, the averagesize of the funds under SV
Management and they've gotabout 1.5 billion under
management, is roughly a hundredmillion or a little less.
So in the spectrum ofventure capital funds.
That's a relativelysmall size fund.
So that means that we lookto join syndicates as opposed
(29:10):
to being a lead investordefining the term sheet.
A key thing that we fold intoour strategy is, recognizing
that we're not going to be thelead, is what value can we bring
to the table, in this case for,you know, small early stage
biotechs in Boston, Cambridgethat might be compelling for
(29:31):
someone looking for funding and,a key thing to consider is, say
the ability to conduct clinicaltrials, because even early stage
companies, you should reallystart from the very beginning.
Think about who's gonnabe manufacturing your
material, because asstatistics show, since most
(29:52):
things do not successfullyget to drug approval.
Your clinical trials aregoing to be really where the
CMC grade, y ou know, modalmolecules, whether they're
biologics or small molecules,or cells, are going to be used.
So you need to think from thevery beginning about who's
going to be making it, howmuch that's going to cost,
(30:14):
and about the trials as well.
And so, South Koreahas, you know, excellent
skills and abilities inboth of those fields.
The CDMOs and the clinicaltrial network there.
Yeah.
Let me jump in because I waswondering what you were gonna
say, because this was goingto be my question actually.
You know, we've really seen,this become a critical issue.
(30:37):
Now I can tell you, Iwent out to, I was just
talking with somebody.
I went out to Korea thefirst time, I think it's 10
years ago now, and back thenthey were saying we are a
center for clinical trials.
Yeah.
Simone Fishburn (30:46):
Obviously Australia's been doing that.
I'm not sure how muchit's on people's radar.
We now see people waking upto the idea that in China,
of course, you know, theyare generating early clinical
data very, very fast.
And that's compelling data.
Debra Peattie (31:02):
Yeah.
Simone Fishburn (31:02):
That is driving deal flow.
Debra Peattie (31:04):
Yeah.
Simone Fishburn (31:04):
Whether people in the West are like,
you know, well, we can doit, or, you know, it, it, it
isn't, it's driving deal flow.
Maybe you can talk a little bitabout are there specific areas
within clinical trials whereKorea offers an advantage, can
you get into the clinic faster?
What is the valueproposition for doing it?
Debra Peattie (31:24):
Yeah,
Simone Fishburn (31:24):
Doing your early clinical
trials in, in Korea.
Debra Peattie (31:27):
And you're right, I think this is not
on a lot of radar screens.
So I think one of the key thingsis... so, Seoul is, you know,
a very highly populated city.
With a large number, Ithink it's about eight
to 10, you know, top tiermedical schools, hospitals.
(31:48):
So it's a high concentrationof potential subjects
slash patients for trialsin an area where there are
a lot of hospital beds.
So, for example, if you lookat the total hospital beds,
which you know, are, are asurrogate for the ability
to do a clinical trial.
In Seoul, as of now,there are about 90,000,
(32:09):
so nine zero thousand.
In Boston, Cambridge, thereare 4,000 beds, so the number
of hospital beds in Seoul is10% of the whole number of
hospital beds in the UnitedStates, and there are 10
million people in Seoul.
so like Boston and GreaterBoston, if you do Seoul and
(32:30):
greater Seoul and Seoul, greaterSeoul their 20 million people,
which is approximately, youknow, half, the population
is 50 million in Korea.
Simone Fishburn (32:38):
I know we wanna bring Spencer in, but
let just ask you one follow up.
So definitely, you know, and Ibroke this down and we had an
article, which I don't know,do we have show notes, Josh?
We could put in the show notes.
Josh Berlin (32:48):
Yeah.
Simone Fishburn (32:48):
Breaking down between China and the
U.S. d efinitely the biggerpart is patient recruitment.
Debra Peattie (32:53):
Yep.
Simone Fishburn (32:53):
But there are also parts of the
regulatory process andobviously in Australia, well
not obviously, but those,you know, in Australia that
is smoother and easier.
What does thatlook like in korea?
Are there, is thereless red tape?
Like what is the process?
Debra Peattie (33:07):
From my perspective anyway, what
Korea has going for is it'sgot a nationalized health
system that covers 97% of thepopulation, single payer system.
And it's totally, allthe data are collected,
it's all in one place.
So their ability to mobilizedata quickly and the fact that
since again, it's a nationalizedsystem, you go to the hospital
(33:30):
there, even when you're well.
So the hospitals havehealthy people, they
have unhealthy people.
And so that's just whereyou go for your healthcare.
So I think it, in terms ofred tape, I wouldn't say
it's less red tape, I'dsay it's so well organized.
Simone Fishburn (33:46):
Mm-hmm.
Debra Peattie (33:46):
And everyone is under a single system.
It's not fragmented.
And that leads to the abilityof rapid recruitment, aside
from the government involvementin, you know, utilizing their
clinical trial infrastructurefor the good of the company.
And, you know, there aresurveys done there asking
people on the street, do youknow what clinical trials are?
(34:07):
Would you be willingto participate?
What are the drivers?
So it, it's somethingthat they very proactively
encourage because theyrecognize their skillset.
I mean, real quickly whatthe statistics currently
are that a trial in Koreacan be done 40% faster.
And 40% less costthan in the U.S.
Simone Fishburn (34:27):
Right?
So the, the U.K. needs tobe listening to this podcast
because this is exactlywhat they're trying to do.
Debra Peattie (34:32):
Yeah.
Simone Fishburn (34:33):
But anyway, let's, let's go on Josh.
Josh Berlin (34:34):
Yeah.
Yeah.
Great, great discussion.
So Spencer, let, let'sflip it if, we could.
You know, uh, Simone and I,Simone just mentioned, uh, you
know, trip 10 years ago, butwe've also been out several
times over the last year, uh,us as well as, some colleagues,
you know, been seeing somereally interesting e arly stage
biotechs out there that frankly,I think with the exception
maybe of, of Andy who was onthe earlier panel are, are
(34:57):
not necessarily on the radarof a lot of Western biopharma
execs or Western investors.
So, if you were a Korea,uh, you know, biotech, a
founder, like, like how doyou prepare for globalization?
How do, how do you find,you know, the right
global investors, theright global partners?
I predict we're gonna havea lot of folks listening
to the podcast from Korea.
(35:18):
You know, what, what aresome, some guidance you can
provide, you know, with yourexperience here in Boston.
Spencer Nam (35:23):
Sure.
And, uh, I'll preface thiscomment by saying that
I'm an investor, investings omeone else's capital,
to generate returns,
Simone Fishburn (35:32):
That's the best kind of capital.
Spencer Nam (35:33):
Well, you know,
Simone Fishburn (35:33):
But, yeah.
Spencer Nam (35:34):
I have to, you know, obviously I have
essentially a boss, in thelimited partners that I
have to, uh, respond to.
And they can't wait 20 yearsto deliver returns for them.
Uh, we will be, we willbe out of business.
So it's a much less timeframe,through which we have to,
make something work as in,you know, we have to exit.
(35:55):
From that standpoint, Koreacan be a bit of a challenge,
especially in healthcare,biotech space, where lot of
these assets are still in amuch earlier stage than some of
the assets that you come acrosshere in the United States.
I think one of the challengesthat we have faced, up
until now is that, uh,a lot of the researches
(36:15):
that, uh, were being done.
Projects that were beingdone in Korea, who are less
known by U.S. mainstream,you know, the companies and
also in institutions here,including the investors.
So, because the Korea is onthe other side of the globe,
relative to the United States,the different, culture and
the language, just there's afundamental, sort of roadblock
(36:35):
that you have to overcome.
And that is just howdo we get ourselves
known to the US market.
Now, fortunately from Korea,Korea standpoint, we have,
these, uh, the mega companiesfrom U.S. and Europe now
going into Korea, openingup offices and really
canvassing the, the countryto find these good deals.
(36:56):
But still there's a, there'sa bit of a gap between what
we know here with informationthat we have versus what's
available over there.
So if you are a, uh, an excitingKorean company, biotech space
or a healthcare space thatyou, you want to access, global
market, I think you have tocome to the United States.
And when I talk to a lot ofKorean, uh, entrepreneurs.
(37:18):
Their sort of idea ofgoing to, coming to United
States is like, you gottaland a ship almost, right?
Josh Berlin (37:23):
Yeah.
Spencer Nam (37:23):
But it's not like that.
It's, you actually, just thinkof it as like you are flying
over United States, you know,10,000 feet on a plane and
you're jumping with a parachuteand you're landing by yourself
in Boston, Massachusetts,uh, or San Francisco area,
and you are all alone.
But that starts the wholeprocess of you becoming part
(37:44):
of the network and be able toassociate yourself with all
these, uh, uh, establishedentrepreneurs, the big pharmas,
the investors and so forth.
And it's just really the, Ithink the, recursion of meeting
the folks in the U.S., beable to introduce your story.
And, you know, that creates a, amomentum that leads to, uh, more
(38:05):
investments and, uh, you know,potential collaborations with,
uh, big pharmas and so forth.
So it, it, it's just a matterof face time and, and I really
think that that's very critical.
Even if you're notcomfortable with English,
you just gotta come herefirst and then it'll happen.
Because Korea's got ton ofgreat, uh, research, and ton
of great scientists that areworking on some very interesting
(38:26):
stuff, but they're just notbeing publicized enough.
Josh Berlin (38:30):
I saw some stat recently about how, um, the
delegation from Korea at BIOthis year, which was in, Boston,
was the largest internationaldelegation of any country.
But it sounds like whatyou're saying is you need to
go to these events, you needto go to BIO, you need to
go to J.P. Morgan, but youknow, it sounds like you need
to do more than that also.
Spencer Nam (38:50):
Yeah.
Well, yes you do because,uh, so one thing that this is
culturally you can't appreciatethat until, until you, you are
part of the Korean, sort ofthe, the, you know, the culture
is, is there is actually anational effort to turn biotech
space, the healthcare space asone of their long-term growth
opportunities as a country.
So the Korean government isspending amazing amount of
(39:11):
money trying to, uh, supportall these companies, Korean
fledgling companies, bigpharmas, you know, anybody to
really come to U.S. and, andbuild their presence here.
But just coming tothese conferences is not
exactly how you're gonnadevelop relationships.
What you need to do is really,just like, uh, Apollon and, and
others that have come to UnitedStates through K-Blockbuster
(39:33):
program, for example.
You gotta be here and bepart of this ecosystem.
And
Simone Fishburn (39:38):
Can I
Spencer Nam (39:39):
Go ahead.
Simone Fis (39:39):
Can I ask something?
that, Andy said on theearlier panel from Boehringer,
which is that when theywalk in to conversations
with Korean innovators.
Really, they start off, they'revery, very thorough, they're
very rigorous, they walkin knowing what they want.
Which to me speaks to a sort ofcertain level of sophistication.
(40:00):
Can you talk about that?
Spencer Nam (40:01):
Yeah, absolutely.
Absolutely.
So there is this sophisticationon the, uh, the sort
of the US market side.
And there's a sophistication,grades of sophistication
on the Korea side.
So, Bo ehringer Ingelheim,extremely sophisticated buyer.
They can look at a particularproject or particular scientist
and they can actually evaluatethem in a very sophisticated
(40:21):
and very detailed way.
How do we fit thisparticular project into
our, uh, our system?
We as investors aremuch less equipped for
something like that.
So we, we are relying on,you know, sort of outside
signals, for them to tellus, for us to recognize, oh,
this is a great opportunity.
And so, if the Korean companiesare trying to license out
(40:41):
some, you know, some of theirassets to U.S. companies or
global companies, then yougotta somehow bring them over
to Korea or you gotta come toUnited States and meet them
here and have these discussionsgoing back and forth.
It's not gonna belike one and done.
It's gotta be multiplediscussions that you'll
have to go through, right?
So there is that challengethat you have to overcome.
But if you are looking forinvestments, then, clearly
(41:04):
Korean government and Koreaninvestors are investing a lot of
capital into Korean companies.
But for you to really get tothe next level of development,
you need the bigger capitalout of U.S., in my opinion.
And in order to do so, you can'tjust address the sophistication
that Boehringer Ingelheim orPfizer, or Novo Nordisk is
looking for you gotta, youknow, talk to us, the investors.
(41:25):
Were not as sophisticatedas these pharma companies,
but we gotta feel, we gottabe comfortable betting on
you because this is a lotof risk that we are taking.
And by the way, if you are herein Boston, for example, where
I'm, you know, operating, it'smuch easier for us to feel
comfortable with your storythan if you are in Seoul, Korea
and we have to do a Zoom and.
(41:47):
Gosh, I have no idea whathappens on a day-to-day basis.
That's a challenge.
Simone Fishburn (41:51):
Let's get Debra's view on that.
Debra Peattie (41:53):
Yeah, I was just thinking, because
again, for us, we're in theBoston office of SV, you
know, we are looking here.
So what we tried to do isof course find, you know,
top tier science, but then,ensure that that aligns with
the interests of, you know,our colleagues over in Seoul
(42:14):
in terms of the bio team.
So it's, um, I would say toSpencer's point, it is more
straightforward here toassess, say the interest of
big pharma and even otherbiotechs because they're all
here in an emerging technology.
And then kind of one of thechallenges that our team
has is to align that with,you know, the interests
(42:37):
of the home office.
So it's,
Spencer Nam (42:39):
And, and let me add to that, and, you know,
as a, as an investor in theUnited States, I can tell you
right now, the researchersor even pharma companies,
they may not feel pressureor the concerns associated
with CFIUS, uh, reviews.
We are feeling that actuallyquite like literally.
Every deal that we do, if it'sparticularly if, if the deal
(43:01):
is in, in Asia, for example,we have to make sure that
it does not trigger CFIUS.
So what that means is actuallyKorea is one of the few places
in the world where we canactually identify attractive
healthcare companies thatwill not trigger that.
Unfortunately for a lot ofdifferent reasons, China,
even though there's a lot ofdata coming out and all of
(43:23):
that, it's a concern for us.
We don't have a, uh, you know,like a location in, in Shanghai
that we can, you know, leverageto invest in these companies.
We, investors in the UnitedStates, almost everybody, I
can tell you this right nowis going to have trouble.
Investing in in an asset inChina, which makes the big
pharmas, global big pharmasa huge advantage, you know,
(43:45):
advantageous position forthem to go in and, and, you
know, pick these assets up.
But for us, we really gotta,if you're gonna invest
outside of a United States,it probably creates one
of the few places that wecan, we can find attractive
early stage companies.
Josh Berlin (43:58):
Yeah, that, that's great guys.
I mean, we could goon I think all night.
I mean, I'd love to continuethe discussion, but we
are running out of time.
So first off, wanted to,you know, thank, Spencer
and, uh, and Debra, withtwo, uh, pairs, pair of each
of, BioCentury's fantasticThis Week podcast socks.
And, um, really, really wantedto thank KHIDI and Venture
Cafe Cambridge for hosting theBioCentury's This Week podcast.
(44:23):
Thank all of you for joining.
Really, um, thank, our, our,uh, our guest, and Wanted
to also do a quick plug, uh,BioCentury's podcast will
be back on the road, laterthis month, November 19th,
in the U.K. on the sidelinesof London Life Sciences
Week and Jefferies Week.
You can find out more aboutthat at BioCenturyLondon.
(44:43):
com.
And if you have enjoyedtoday's discussion about Korea
opportunities, we hope you'lljoin us March 9th to 11th
in Seoul, where BioCentury's5th East- West Biopharma
Summit will take place.
You can learn more about thatat BioCenturyeastwest.com.
And for everyone here in theaudience, you know, we're gonna
have a great group of companiespresenting that are part of the,
(45:06):
uh, KHIDI Blockbuster program,so stick around for that.
And thank you all for joining,and we hope to, uh, continue the
discussion on the next podcast.
So thank you.
Spencer Nam (45:14):
Good to be here.
Thank you.
Thank you.
Eric Pierce (45:20):
BioCentury would like to thank the Korean
Ministry of Health and Welfareand KHIDI for supporting the
BioCentury This Week podcast.
To learn more about theK-Blockbuster Companies, visit
kblockbuster.com/directory
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