Boryung Pharmaceutical has decided to invest 24 billion won ($20 million) in the Hayan I, L.P. global healthcare investment fund for global market entry and corporate growth, News1 reported.

Hayan I, L.P. is a corporate venture capital (CVC) fund established and operated by Hayan Health Networks, Boryung Pharmaceutical’s U.S. entity. The CVC fund will invest in healthcare companies in early stage and innovative technologies in the U.S. 

Boryung Pharmaceutical plans to pay 24 billion won, 8.5% of its net worth, over three years.

“We will prepare momentum to enter global market and strengthen new drug pipelines through open innovation,” a company official said. (Reporting by Hyewon Chang)