East looks West

While Asia's homegrown biotech has been largely invisible in the West, the pattern may begin to change as the newer players recognize the need to gain access to large markets in the U.S. and Europe. An out-licensing deal by Korea's AmorePacific Corp. and a big private equity financing by Japan's Y's Therapeutics Co. Ltd. point in this direction.

Most industry watchers may associate Korean biotech with stem cell biology and cloning. But Korean biotech is more than human embryonic stem cells, and last week's deal between AmorePacific and Schwarz Pharma AG demonstrates that Korea has more to offer...