Novartis to invest US$20 mln in S. Korea

(ATTN: UPDATES throughout with quote, details; CORRECTS company name in para 2)
SEOUL, Oct. 2 (Yonhap) -- The local unit of Novartis AG, Switzerland's No. 2 drugmaker, said Thursday it plans to invest US$20 million in South Korea over the next five years to promote innovation in the nation's biotechnology sector.

As part of the investment plan, Novartis Korea has signed a preliminary contract
to buy an unspecified amount of stake in a local cancer-treatment start-up,
Neomics Inc., for $1 million, the company said in a statement.
The investment is expected to help "develop the Korean life science industry
through the development of novel drugs, eventually benefiting patients, both in
Korea and in the rest of the world," said Peter Jager, president of Novartis
Korea, in the statement.
In September of last year, Novartis Korea raised $20 million in funds to support
the nation's biotechnology industry.
(END)