Aprogen, a Korean biotech company adds to the list of Korea’s start-up companies to have the status of a “unicorn”. The term originated to call start-up companies that are worth over a billion dollars.
It was first founded by Professor, Kim Jae Seob from KAIST University (Korea’s Advanced Institute of Science and Technology) and has since then developed biosimilar products such as Remicade that treats autoimmune diseases such as rheumatoid arthritis and Crohn disease.
Aprogen was able to gain 20 billion won of investment from Lindeman Asia Investment which led the company to take a spot in the list of companies that has the “Unicorn” status.
It got its first investments from Nichi-Iko pharmaceuticals back in 2017 that enabled the company to gain approval for their biosimilar product of Remicade.
They are committed to producing biosimilar products to the market as they have wide access to different technologies that enable the continuous development of biosimilar products.
Examples of other biosimilar products that are amidst of its development stages are AP063, a biosimilar product for cancer treatment and AP056, a Rituxan biosimilar for auto-immune diseases.
Despite the drive for growth and having earned the title of a “unicorn” company, Aprogen has been experiencing a decline in their yearly revenue digits.
It decreased from 62.2 billion won in 2017 to 53.3 billion won in 2018 and is expected to decline even further this year due to its poor performance for the year.