Alps Global Is Malaysia's First Biotech Unicorn

KUALA LUMPUR, July 17 (Bernama) -- ALPS Global Holding Bhd, an integrated biotechnology (biotech) group facilitated by the Malaysian Bioeconomy Development Corporation (Bioeconomy Corp), has become Malaysia’s first biotech company to achieve unicorn status. 

The announcement was made today during the opening ceremony of the National Bioeconomy Showcase (NBiOSHOWCASE) 2024 summit and exhibition, organised by the Ministry of Science, Technology and Innovation (MOSTI), with Bioeconomy Corp as the main organiser. 

“This achievement fulfils one of the key goals under the National Biotechnology Policy 2.0, which aims to create three bio-innovation companies with unicorn status by 2030,” said MOSTI and Bioeconomy Corp in a joint statement.

According to the statement, this success results from the joint efforts of MOSTI and Bioeconomy Corp, which have played a crucial role in supporting the development of local biotech companies and the development of foreign biotech investments in Malaysia. 

“This includes investments from Biocon, a biotech giant from India, which has committed to operating in Malaysia since 2011 with a total investment of nearly RM3 billion,” it said. 

Through Bioeconomy Corp’s facilitation, Biocon has committed to expand its new insulin manufacturing facility which is expected to operate by 2026.

The expansion will create over 1,100 highly skilled jobs and establish one of the world's largest integrated insulin research and manufacturing centres, besides improving access to insulin products for patients in Malaysia. 

Meanwhile, Science, Technology and Innovation Minister Chang Lih Kang expressed hope that the recognition of ALPS as the first bio-based unicorn company in Malaysia will boost the country’s biotech ecosystem. 

“ALPS is the only biotech-based unicorn in Malaysia, and this is very encouraging news, and I hope this can encourage bio-based companies in the country to continue to flourish and make Malaysia a biotech hub in the region,” he said at a press conference after the opening ceremony of the NBiOSHOWCASE 2024. 

Chang said ALPS is expected to be listed on Nasdaq in the fourth quarter of 2024 with an enterprise value of approximately US$1.6 billion (US$1=RM4.67), thus elevating Malaysia’s profile globally and demonstrating the country’s ability to produce high-tech companies capable of competing on a global scale.

“This is a very high achievement, and this company is a group facilitated by the Bioeconomy Corp. We hope that there will be more companies that will become bio-unicorns in the future,” he said. 

The minister said ALPS is the second unicorn company after Carsome, and the government has identified and helped several “soonicorn” or “soon-to-be-unicorn” companies to grow the number of national unicorn companies. 

“We also need to help other start-up companies that have not yet reached unicorn status.

“It is true that unicorns are an indicator, but apart from unicorn status, there are also many other factors to identify whether a company is successful or not,” he said, adding that apart from focusing on unicorns, MOSTI and Bioeconomy Corp are also focusing on other start-up companies.

Additionally, in his address at the summit, Chang stated that with MOSTI's support, over 520 biotech and bio-based companies have been facilitated by Bioeconomy Corp, including BioNexus Status companies, companies under the Bio-based Accelerator programme, and companies involved in high-impact biotech projects in Malaysia.

“Cumulatively, these companies have achieved remarkable milestones with approved investments totalling RM14.3 billion and contributing RM37.5 billion to the nation’s gross domestic product,” he said.

Meanwhile, Bioeconomy Corp chairman Datuk Dr Lee Boon Chye said Prime Minister Datuk Seri Anwar Ibrahim’s proposal to expand the field of biotech nationwide is a commendable effort. 

“The bioeconomy sector is one of the engines of the country’s economic development, and we need to bring the development to rural areas. 

“I think, in this regard, the Bioeconomy Corp can play a role in developing small and medium industries, especially in rural areas, and take advantage of local ingredients. 

“As for the roadshow proposed by the Prime Minister, this is a responsibility that we must shoulder and we hope to be able to do the roadshow nationwide, especially in rural areas, so that we can attract more entrepreneurs from rural areas and young people to enter the bioeconomy field,” he said. 

Bioeconomy Corp chief executive officer Mohd Khairul Fidzal Abdul Razak said that recognising unicorn status would strengthen Malaysia’s position as a centre of excellence for biotech in the region, particularly in the healthcare sector.

“The creation of unicorns in the biotech industry opens up opportunities for high-skilled jobs and talent development among Malaysians, while enhancing the capabilities of local workers in science, technology, and innovation,” he said.

The two-day NBiOSHOWCASE 2024 themed “Bioeconomy for All” was officiated today by the Prime Minister, featuring nearly 140 booths with over 110 exhibitors and an expected participation of 4,000 visitors.

The summit will also see the exchange of 11 memoranda of understanding among biotech industry leaders with an estimated value of RM1.5 billion.

-- BERNAMA