3 billion won equity investment
Cooperation in the development of digital treatment for alcoholism and insomnia-securing exclusive sales rights in the domestic market
[팜뉴스=이권구 기자] Handok (CEO Kim Young-jin, Paik Jin-ki) and start-up Welt (CEO Kang Seong-ji) are working on the development of digital therapeutics. On March 22, Handok made an equity investment worth 3 billion won in Welt and signed a strategic partnership to jointly develop a digital treatment for alcoholism and insomnia. Financial investors (FIs) in related fields also participated in this investment, and a total investment of 6 billion won was made.
This agreement is part of the open innovation that Handok is unfolding. As a result, Handok expanded its R&D area to include new biopharmaceuticals and medical devices as well as digital therapeutics. Handok plans to strengthen its capabilities in digital therapeutic research, development, and commercialization through Welt, and jointly develop a digital treatment for alcoholism and insomnia. In addition, it has the right to exclusively sell these two treatments in the domestic market, and has the right to first review the domestic joint development and commercialization of digital treatments developed or planned by Welt.
Welt is a startup that spun off from Samsung Electronics in 2016. It cooperates with a number of government agencies and is active as the first member of Asia to join the’Digital Therapeutics Alliance (DTA)’, a global digital therapeutics industry association. Welt is currently introducing the first digital therapy in Korea through partnerships with leading global digital therapy companies. This was related to a business agreement with the Ministry of Health and Welfare’s National Mental Health Center in 2020 and a digital treatment for non-face-to-face mental health treatment.
Handok Chairman Kim Young-jin said, “We are very happy to cooperate with Welt, a leader in digital therapeutics, amid the rapid growth of the digital healthcare market. It will accelerate the development of digital therapeutics.”
Seongji Kang, CEO of Welt, said, “For Welt’s first digital treatment in Korea to succeed, a partnership with Handok, which has various new drug development and business know-how, is essential.” We look forward to seeing synergy with the Welt.”
Copyright © Farm News Unauthorized reproduction and redistribution prohibited