Mirae Asset Venture Investment (jointly managed with Mirae Asset Capital) and Yuanta Investment were selected as K-bio vaccine fund managers. They plan to create and manage a total of 500 billion won, 250 billion won each.
The Ministry of Health and Welfare and Korea Venture Investment (CEO Woong-Hwan Yoo) announced that they had formed the ‘K-Bio Vaccine Fund’ and finally confirmed two managers to invest in.
To create the K-Bio Vaccine Fund, the Ministry of Health and Welfare invested 50 billion won in the 2022 budget and 50 billion won in the existing fund, and a total of 100 billion won from three state-run banks: Korea Development Bank, Eximbank, and Industrial Bank of Korea.
The selected Mirae Asset Venture Investment (jointly with Mirae Asset Capital) will invest 25 billion won and Yuanta Investment 20 billion won, and the fund will be created by recruiting private investors.
The K)-Bio Vaccine Fund is a fund created by the Ministry of Health and Welfare and the national bank with initial investment to create world-class innovative new drug development success stories and secure vaccine sovereignty in Korea.
The fund manager invests more than 60% of the total amount raised in companies conducting clinical trials for new drug/vaccine development, and invests more than 15% of the total in companies in the vaccine sector.
K)-Korea Venture Investment, the management agency of the bio vaccine fund, received an application for public offering by fund managers from August 4 to August 26, and as a result of the public offering, Mirae Asset Venture Investment (Mirae Asset Capital) and Yuantin Investment applied.
As a result of conducting the first written examination (quantitative) and compliance examination for these managers, both managers obtained a score above the standard score, and following conducting on-site due diligence and evaluation of the investment deliberation meeting (qualitative) held on September 27, the final selected
The manager selected this time will go through the final approval process of the three state-run banks, which are jointly-investing institutions, and then proceed to form a fund by recruiting private investors in earnest.
“Through the K-Bio Vaccine Fund, we hope that pharmaceutical companies with a promising new drug development pipeline will receive timely investment and complete new drug development,” said Kim Hyun-joon, head of the Global Vaccine Hub Promotion Division at the Ministry of Health and Welfare. We will continue to manage the fund so that it can be formed and invested as soon as possible, and we plan to expand it to 1 trillion won in the future.”
