Korea BMS Pharmaceuticals and Seoul Launch Open Innovation Challenge, Select Two Startups – The Asia Business Daily

Applications Open for Bio-Healthcare Startups Until July 31
Selected Companies to Receive KRW 80 Million in Research Funding and Global Mentoring

Korea BMS Pharmaceuticals announced on June 1 that, together with the Seoul Metropolitan Government and Seoul Bio Hub, it is now accepting applications from companies for the ‘2026 Seoul-BMS Innovation Square Challenge,’ a domestic bio-healthcare startup development program.

Launched in 2022 and now in its fifth year, this program is an open innovation initiative designed to discover innovative technologies from domestic bio-healthcare startups, and support commercialization and collaboration opportunities by leveraging the research and development (R&D) capabilities and network of the global pharmaceutical company BMS.

Eligible applicants are startups with less than ten years in business and prospective entrepreneurs who possess innovative technologies in the bio-healthcare field. The recruitment areas include five therapeutic areas—solid tumors, hematologic diseases, immune disorders, cardiovascular diseases, and neuroscience—as well as seven platform areas: translational medicine, next-generation drug discovery platforms, new modalities and biotherapeutics, antibody-drug conjugates (ADCs), cell and gene therapy-based technologies, drug delivery and formulation technologies, and computational/translational innovation, making a total of twelve fields.

Two companies will be selected as finalists. Each selected company will receive KRW 40 million in research funding, totaling KRW 80 million. They will also be provided with mentoring and partnering opportunities with BMS global experts and offered the chance to move into Seoul Bio Hub. Applications will be accepted until 5:00 p.m. on July 31.

Over the past four years, eight companies have been selected through the program, including Fraser Therapeutics, Zymedi, Illimis Therapeutics, Trioor, Galux, Cellemedi, G Biologics, and Three Brooks Therapeutics.

Hye-young Lee, CEO of Korea BMS Pharmaceuticals, stated, “This year, we expanded the recruitment fields to reflect the R&D needs of our headquarters,” adding, “We expect this to be an opportunity for domestic companies with innovative technologies to advance into the global market.”

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