Samsung Bioepis headquarters in Incheon / Courtesy of Samsung BioepisSeoul is partnering with Samsung Bioepis to identify and nurture biotechnology startups developing next-generation drug technologies, expanding its efforts to build a pipeline of future global biotech companies.The Seoul Metropolitan Government said Wednesday it signed an agreement with Samsung Bioepis and two selected startups for the 2026 Seoul Bio Hub-Samsung Bioepis Open Innovation Program.The signing ceremony took place at Samsung Bioepis’ headquarters in Songdo, Incheon, with officials from Seoul, Seoul Bio Hub, Samsung Bioepis, an accelerator and the selected companies in attendance.The program is designed to connect major pharmaceutical and biotechnology companies with promising startups to discover innovative technologies and accelerate the development of new drug pipelines.Seoul said the partnership with Samsung Bioepis marks an expansion of its open innovation network, which already includes companies such as Celltrion and Daewoong Pharmaceutical.Samsung Bioepis has accumulated expertise across the development, global clinical trials and regulatory approval processes for antibody-based biosimilars and has recently expanded into new drug areas, including antibody-drug conjugates and gene therapies.Two startups were selected through evaluations by internal and external experts for their next-generation biotechnology platforms.Fraser Therapeutics was selected for its targeted protein degradation platform technology, which uses small-molecule drugs linked to target proteins to trigger protein breakdown.Bionsight was selected for its artificial intelligence-based chemoproteomics platform, which uses mass spectrometry and AI to analyze where drugs bind among thousands of proteins inside cells.The selected companies will receive a one-year customized growth package from Seoul, Seoul Bio Hub and Samsung Bioepis, including technology development support, business consulting and mentoring.Samsung Bioepis will provide guidance based on its experience in biotechnology drug development and global commercialization, while Seoul Bio Hub will offer research facilities, office space, accelerator programs and investment support.The Seoul government said it plans to further strengthen the city’s biotech startup ecosystem by expanding partnerships with anchor companies and creating more opportunities for collaboration.“This program is meaningful because it is the first cooperation project jointly operated by Seoul Bio Hub and Samsung Bioepis,” Seoul Creative Industry Planning Officer Cho Hye-jung said.Cho said the city will continue building partnerships with global companies to broaden Seoul’s biotechnology ecosystem and create more opportunities for startups to grow.This article was published with the assistance of generative AI and edited by The Korea Times.