K-Bio Lab Hub, a 'cradle for biotech startups,' breaks ground in Songdo; completion set for 2028

The Ministry of SMEs and Startups held a groundbreaking ceremony Sept. 30 at Yonsei University’s International Campus in Songdo, Incheon, for K-Bio Lab Hub, a national support infrastructure for biotech startups.

The ministry said construction will begin with the ceremony, with the building scheduled for completion in November 2028. It plans to move in 60 innovative biotech startups as soon as the building is complete.

K-Bio Lab Hub is a comprehensive support infrastructure for biotech startups modeled on LabCentral, a biotech startup support organization in Boston.

The first and second floors will house an operations control room and a high-cost specialized equipment zone; floors 3-7 will have 50 spaces for early-stage companies, and floors 8-9 will have 10 spaces for growth-stage companies.

The ministry will first install 24 units of 17 types of general-purpose research equipment needed by biotech companies in temporary space at Yonsei University’s International Campus by October this year for companies to use. When the building is complete, it will have a total of 134 units of advanced equipment across 59 types.

Tenant companies will be selected in 2028, when the building is complete. The selection process will introduce a “golden ticket” through which anchor companies directly recommend and evaluate promising companies. The ministry also plans to establish an open innovation platform linking industry, academia, research institutions, hospitals and venture capital (VC) to promote joint research and development (R&D) and investment.

Starting in 2029, six specialized programs will provide tailored support at each stage of development for tenant companies. The plan is to provide 41.4 billion won to 60 companies, from candidate discovery through preclinical and clinical development, regulatory approval and fundraising.

A membership program will also allow companies that are not tenants to use the hub’s infrastructure, network and data analysis services. The plan is to support the hub’s independent operation even after government funding ends through reinvestment and accumulation of revenue.

The project was approved at the sixth BIG3 Innovation Growth Promotion Meeting in March 2021. After a competitive process, Songdo in Incheon was selected as the final site. Following a preliminary feasibility study in August 2022 and several years of architectural design, construction has now begun.

Yonsei University is providing the site, while Incheon Metropolitan City is covering construction costs, making this a joint project of the central government, local government and academia.

Connections with the Songdo biotech cluster’s infrastructure, including Celltrion, Samsung Biologics, SK bioscience, Lotte Biologics and Yonsei Severance Hospital, are expected to foster an integrated network among startups, universities, anchor companies and hospitals.

Lee So-young, minister of SMEs and startups, said, “K-Bio Lab Hub will be a key cradle for Korean biotech startups to grow into global unicorn companies.” She added, “With construction now underway, we will bring together the capabilities of our partner organizations to build a world-class biotech startup hub.”

Park Chan-dae, mayor of Incheon Metropolitan City, said, “Building on the strengths of Songdo’s biotech cluster, Incheon will create a world-class biotech startup ecosystem in which startups, anchor companies, universities, hospitals and investment institutions grow together.”

Yoon Dong-seop, president of Yonsei University, said, “The groundbreaking of K-Bio Lab Hub is a meaningful beginning that opens a new chapter for biotech research and startups in Korea.” He added, “We will actively connect the university’s research capabilities with a foundation for collaboration among industry, academia, research institutions and hospitals.”