Hanwha Impact invests in U.S.-based Tessera Therapeutics Company's first investment in biotech firm that develops new drugs

Translated by Kim So-in 공개 2022-04-01 10:29:50

이 기사는 2022년 04월 01일 08:06 thebell 에 표출된 기사입니다.

Hanwha Impact, formerly known as Hanwha General Chemical, made its first investment in a biotech company that develops new drugs.

The company recently invested in U.S.-based early-stage life sciences company Tessera Therapeutics. The investment is said to be small although financial details have not been disclosed.

Hanwha Impact Global, a subsidiary of Hanwha Impact, executed the investment through Hanwha Impact Partners, using capital commitment made by Hanwha Impact. Hanwha Impact has been very active in investments this year, spending a total of 370 billion won ($305 million) so far.

Tessera Therapeutics is an early-stage life sciences company pioneering Gene Writing, a new biotechnology designed to offer scientists and clinicians the ability to write small and large therapeutic messages into the genome, thereby curing diseases at their source.

Tessera Therapeutics was founded by Flagship Pioneering, a life sciences innovation enterprise that conceives, resources, and develops first-in-category companies to transform human health and sustainability.

The latest investment marks Hanwha Impact and Hanwha Group’s first investment in a biotech company that develops new drugs. Hanwha Impact hinted at a possibility of investing in biotech firms in May 2021 by adding pharmaceuticals, life science and biotechnology to the business purposes listed in the company’s articles of incorporation. After changing its name from Hanwha General Chemical in September 2021, Hanwha Impact made it clear that it will focus more on investment instead of the petrochemical business.

Hanwha Impact invested in Inari Agriculture, which utilizes next-generation gene editing technologies to create resource-efficient corns and soybeans. It also participated in a Series B funding for Catalog Technologies, a DNA-based data storage solution provider.

Hanwha Group hasn’t invested in the new drug development business since its efforts to develop new drugs failed in the 1990s. Market insiders are paying attention to whether the company will gradually restart the business under the control of Kim Dong-kwan, president and chief executive officer of Hanwha Solutions.

The latest investment was led by Hanwha Impact’s investment strategy division. The company hired new managers to handle bio-related investments earlier this year. (Reporting by Eun-jin Choi)
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