ALPS Global Holding Bhd (ALPS) has emerged as Malaysia’s first bio-based company to achieve unicorn status. Overall, ALPS becomes the second company to achieve this status in Malaysia after Carsome Sdn Bhd accomplished the feat in 2021.
A unicorn company refers to a startup that has an overall valuation exceeding US$1 billion.
Alps is a fully-integrated biotechnology research, medical and wellness company dedicated to the development of personalised medicine using cutting-edge technologies such as genomics DNA, mRNA, and cellular therapy, to pave the way for the next key phase in healthcare.
Minister of Science, Technology, and Innovation, Chang Lih Kang, stated that this achievement fulfils one of the main goals under the National Biotechnology Policy 2.0, which aims to create three bio-innovation companies with unicorn status by 2030.
He mentioned that ALPS is expected to be listed on Nasdaq in the fourth quarter of this year with a market capitalisation of approximately US$1.6 billion (RM7.48 billion).
“This achievement will elevate Malaysia’s reputation globally and demonstrate the country’s capability to produce high-tech companies that can compete on a global scale. I also hope that this achievement will encourage bio-based companies in our country to continue to grow and make Malaysia a hub for biotechnology in the region,” he said during a press conference after officiating the National Bioeconomy Exhibition 2024 at the Kuala Lumpur World Trade Centre today.
The event was officiated by Prime Minister Datuk Seri Anwar Ibrahim.
The exhibition was organised by the Ministry of Science, Technology, and Innovation (MOSTI) together with Bioeconomy Corporation as the main organiser.
At the event, Anwar witnessed the exchange of 11 memoranda of understanding (MoUs) worth an estimated RM1.5 billion between stakeholders in the biotechnology industry.
Meanwhile, Chief Executive Officer of Bioeconomy Corporation, Mohd Khairul Fidzal Abdul Razak, stated that ALPS’s recognition as a unicorn will strengthen Malaysia’s position as an excellence centre in biotechnology in the region, particularly in the healthcare sector.
“The creation of unicorns in the biotechnology industry also opens up opportunities for highly skilled jobs and talent development among Malaysians, enhancing the capabilities of local workers in science, technology, and innovation (STI).
“Through strong government support and MOSTI, Bioeconomy Corporation will intensify efforts to ensure that the biotechnology and bio-based industries propel Malaysia towards higher global competitiveness, enhancing the efficiency of local technology and achieving the goal of contributing five percent to Gross Domestic Product (GDP) as outlined in the National Biotechnology Policy 2.0,” he said.
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