Boryung, a South Korean pharmaceutical company that recently invested $60 million in Axiom Space, has signed a contract to establish a joint venture with Axiom Space.
The joint venture aims to promote joint space projects in Low Earth Orbit (LEO) and will be established in Korea, with a 51:49 investment ratio between Boryung and Axiom Space, respectively.
The CEO of Boryung, Kim Jung-gyun, met with Axiom Space Chairman Kam Ghaffariann and CEO Michael T. Suffredini on April 25 to sign the contract for the joint venture. The two companies plan to complete the process of establishing a new corporation within the first half of this year.
Low Earth Orbit is a test bed for space exploration, and the competition between countries and private companies to develop technologies and infrastructure in this area is fierce.
Axiom's technology and infrastructure, such as the Axiom Station that will replace the existing International Space Station (ISS), will be utilized in the joint venture to promote all business areas. Moreover, Axiom's private and public space projects will be granted exclusive rights in Korea to promote the project.
The joint venture serves as a foundation for Boryung and Axiom Space to share future visions for space development beyond a strategic investment relationship and to design together.
"The establishment of this joint venture will serve as a foundation for both companies to share future visions for space development beyond a strategic investment relationship and design together," said Kim, CEO of Boryung. "In line with the strengthening of new space cooperation between Korea and the US, the space industry led by private companies We will create an opportunity to contribute to development.”
Meanwhile, Boryung CEO Kim has been appointed as a director of Axiom Space and joined the Board of Directors. Axiom Space also appointed two other directors, including Jeanne Tisinger, former CIA chief intelligence officer, and John W. "Jay" Raymond, former US Air Force 4-star general and former US first space operations commander.
