The K-Bio Lab Hub, modeled on Boston's LabCentral incubator, carries a total cost of 217.3 billion won ($160.4 million).
Yonsei University is supplying the site on its Songdo campus, and Incheon city is funding construction.
Fifty units for early-stage firms will fill the third to seventh floors, with 10 larger spaces for growth-stage companies above. Twenty-four general-purpose research instruments will be installed at a temporary campus site next month, rising to 134 units at completion.
The ministry will channel 41.4 billion won from 2029 into six programs spanning drug-candidate discovery, clinical trials, regulatory approval and fundraising. Anchor companies will be able to nominate promising startups for tenancy under a "golden ticket" track.
"The K-Bio Lab Hub will be a key cradle for South Korean bio startups to grow into global unicorns," said Lee So-young, minister of SMEs and startups.
The hub sits in a Songdo cluster that is home to Celltrion, Samsung Biologics, SK bioscience and Lotte Biologics.
Incheon Mayor Park Chan-dae said the project would layer startups and drug discovery onto the city's biomanufacturing base and create quality jobs.
Seoul has earmarked 11.6 trillion won for bio and vaccines in its 150 trillion won National Growth Fund, launched in December. Smaller drug developers complained earlier this year that the fund favors firms with big factories, while the government leaves early-stage ventures to the ministry's fund of funds.
AJP Takeaways
- Construction of the K-Bio Lab Hub, a biotech startup incubator modeled on Boston's LabCentral, began on Sept. 30, 2026, at Yonsei University's international campus in Songdo, Incheon, the Ministry of SMEs and Startups said.
- The 217.3 billion won facility will house 60 startups when it is completed in November 2028, and the ministry plans to provide 41.4 billion won in support programs from 2029.
- The hub targets early-stage firms as South Korea's 150 trillion won National Growth Fund sets aside 11.6 trillion won for bio and vaccines.
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