Asian Stocks Rise as Bond Yields Ease, Oil Prices Stabilize 
Asian Currencies Weaken as Dollar Rises, Kiwi Slides After RBNZ Hike 
Australia Trade Surplus Beats Forecasts in July as Exports Fall 
Fast Retailing Shares Drop as Uniqlo Japan August Sales Fall 
Uranium Prices Could Top $100 as Nuclear Demand Grows 
US Tech Giants’ AI Bond Boom Raises Euro Zone Borrowing Risks 
Berkshire Hathaway Eyes Bigger Stakes in Japan’s Top Trading Houses 
Iran’s Hormuz Oil Pressure Fades as Gulf Crude Flows Continue 
Tesla Cybercab Rides Launch in Austin as NHTSA Reviews Rollout 
Japan, US Target AI and Chips in $550 Billion Investment Push 
China Expands Influence in Global Gold Market 
Audi, SAIC Launch China Innovation Hub for New AUDI Models 
OpenAI Launches GPT-6 Astra With Advanced AI Agent Capabilities 
Nvidia Eyes $2.5 Billion Investment in Thinking Machines Lab 
Shein Shares Drop 5% After Weak Hong Kong IPO Debut 
JPMorgan Sees ECB Raising Rates to 2.75% in December 
Yen Extends Gains as BOJ Rate Hike Bets Rise 
Add as a preferred source on Google
Merck & Co., Inc. announced it will build a biopharmaceutical raw material production plant in South Korea. It recently signed a memorandum of understanding (MOU) with the Korean Ministry of Trade, Industry and Energy and the local government of Daejeon for the project.
Merck & Co. made the announcement on Wednesday, May 3, and Korea’s MTIE also revealed on the same day that it has signed an investment agreement with Merck Life Science, the national government and the city of Daejeon for the American biopharma company’s plan to build a new bio-processing plant in the country.
According to The Korea Economic Daily, the production facility in Daejeon will supply biopharma raw materials to pharmaceutical and bio companies based in the Asia-Pacific. The Korean national government also promised to provide the necessary support so the project could be successfully implemented.
The trade and industry ministry said that Merck's investment in the country would not just ensure the stable availability of biopharma raw materials in the supply chain but will also significantly contribute to the local economy, as this could also attract more foreign investments.
The city government of Daejeon also noted that the construction of the production facility in the region is also a three-way cooperation that will South Korea’s efforts in achieving balanced regional development. Once completed, the new Merch biopharma manufacturing plant in Daejeon is expected to play an important role as the center for the growth of Korea's bio-industry.
Furthermore, the company’s CEO said the latest investment deal clearly shows Merck's intention to contribute to the development of the country’s bio business sector.
"South Korea is an emerging global leader in the biotech industry, and this Memorandum of Understanding demonstrates Merck's commitment to the region by working closely with the government to better support our customers," Merck Life Science’s executive board member and chief executive officer said in a press release. "The proposed facility would play a vital role in fulfilling demand in the Asia-Pacific region while representing an important hub for further biopharma industry development in South Korea."
