Daejeon lands first major investment deal of new city administration

Daejeon has secured its first major corporate investment deal since the launch of the city's new administration. The city signed an investment agreement with Alteogen, a leading K-biotech company, Friday afternoon at Daejeon City Hall to establish a new global biopharmaceutical production hub.

Daejeon Mayor Heo Tae-jeong, Alteogen Chairman Park Soon-jae, President Jeon Tae-yeon, Yuseong-gu District Mayor Jeong Yong-rae and Daejeon Chamber of Commerce Secretary-General Jeong Ho-yeong attended the signing ceremony.

Under the agreement, Alteogen plans to invest 253.2 billion won ($182 million) to build a new facility for manufacturing active pharmaceutical ingredients and finished drug products in the Dungok district of Yuseong-gu. Daejeon pledged full administrative and fiscal support to facilitate the investment, and both sides committed to joint cooperation for job creation and regional economic development.

Founded in 2008, Alteogen ranks among the top Kosdaq companies by market capitalization and researches and develops next-generation biobetters — biopharmaceuticals with improved performance over existing products.

"We will do our utmost to drive continuous investment, technological innovation and job creation to grow Daejeon into a global biotech production hub," Alteogen President Jeon said.

Mayor Heo said the city would "actively foster the biotech industry in tandem with our AI-driven future growth strategy," adding that it would provide wide-ranging support to ensure Alteogen's investment in Daejeon bears fruit.