Malaysia has marked an achievement as ALPS Global Holding Bhd (ALPS) reaches unicorn status, according to Minister of Science, Technology, and Innovation Chang Lih Kang. This makes ALPS the country’s first biotechnology firm to achieve this milestone. The company is expected to list on NASDAQ in the fourth quarter of this year with an enterprise value of approximately $1.6 billion, Chang announced in a LinkedIn post on Friday.
This accomplishment aligns with the National Biotechnology Policy 2.0, which aims to create three bio-innovation companies with unicorn status by 2030. ALPS is the second Malaysian company to reach unicorn status, following Carsome Sdn Bhd, which achieved this in 2021. A unicorn company refers to a startup with a valuation exceeding $1 billion.
ALPS Global Holding Bhd (ALPS) is a fully-integrated biotechnology research, medical, and wellness services company. The company focuses on using human cells as therapeutic entities, which is seen as a significant phase in medicine and wellness.
At the National Bioeconomy Exhibition 2024, 11 memoranda of understanding were exchanged, valued at approximately MYR 1.5 billion. This underscores the strengthening of Malaysia’s biotechnology industry. The Ministry of Science, Technology, and Innovation (MOSTI) has supported over 520 biotechnology and bio-based companies through the Bioeconomy Corporation. These include BioNexus-status companies, participants in the Bio-based Accelerator (BBA) program, and those involved in high-impact biotechnology projects across Malaysia.
These companies have recorded significant achievements with approved investments totaling MYR 14.3 billion and contributing MYR 37.5 billion to the national economy. This step is crucial for the growth and competitiveness of Malaysia’s biotechnology and bio-based industries on the global stage.
| Aspect | Details |
|---|---|
| Company | ALPS Global Holding Bhd |
| Industry | Biotechnology |
| Unicorn Status | Achieved in 2024 |
| Enterprise Value | $1.6 billion |
| Expected NASDAQ Listing | Fourth quarter of 2024 |
| Focus | Human cells as therapeutic entities |
| Policy Alignment | National Biotechnology Policy 2.0 |
| First Malaysian Biotech Unicorn | Yes |
| Second Malaysian Unicorn | After Carsome Sdn Bhd (2021) |
| Investment in Bio-based Projects | MYR 14.3 billion |
| Contribution to National Economy | MYR 37.5 billion |
| Recent Event | National Bioeconomy Exhibition 2024 |
| MOUs Signed | 11, valued at MYR 1.5 billion |
| Company Merger | With Globalink Investment Inc. |
| Future Company Name | Alps Life Science Inc. |
| Listing Exchange | NASDAQ |
In January, ALPS Global Holding Bhd and Globalink Investment Inc., a publicly traded special purpose acquisition company, announced a definitive merger agreement. This will transform ALPS into Alps Life Science Inc., expected to be listed on NASDAQ. The goal is to create a one-stop upstream and downstream biotechnology platform, enhancing ALPS’s value chain as an integrated biotechnology, medical, and wellness group.
Featured Image courtesy of DALL-E by ChatGPT
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