J&J leads $20 million series B funding for Korean biotech

US healthcare giant Johnson & Johnson’s (NYSE: JNJ) venture capital arm has made its first investment in South Korea, leading a $20 million series B financing round for Prazer Therapeutics, a biotech focused on targeted protein degradation (TPD).

The funding was led by Johnson & Johnson Innovation (JJDC) and was oversubscribed at 29 billion Korean won ($20 million). Other investors included Korea-based venture capital groups Premier Partners, K2 Investment, Mirae Asset Capital, QUAD Asset Management, and STIC Ventures.

Wei Wu, senior director of venture investments at JJDC, said the collaboration highlighted the company’s broader mission to back innovation globally, stating, “It’s a demonstration of our belief that innovation can come from anywhere, and we strive to be the partner of choice globally.”