Parexel partners to develop drugs in S. Korea

Parexel International ($PRXL) is pairing up with the Korea Drug Development Fund to create and commercialize therapies in South Korea.

The fund is a consortium of South Korean governmental ministries, and it has about $1 billion in its coffers to spend on drug development, aiming to produce 10 new treatments by 2019. By teaming with Parexel, the KDDF hopes to kick-start that process and provide consulting to South Korean drugmakers.

For Parexel, the partnership gives the company a chance to further expand its reach across the globe, Vice President Ron Kraus said in a statement. "This partnership further demonstrates Parexel's continued commitment to the Asia-Pacific region and helps increase our opportunities for industry innovation," Kraus said. "We are excited to provide our fusion of expertise to support KDDF and its mission of supporting global drug development."

The company didn't disclose the terms of the deal, but the partnership follows Parexel's collaborative research agreement with Seoul's ASAN Medical Center earlier this year, and the company has about 2,800 employees and 21 offices in the region.

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