Malaysia has made history as another local company, ALPS Global Holding Bhd (ALPS), achieved unicorn status, according to the country’s Minister of Science, Technology and Innovation Chang Lih Kang.

“I am proud to announce that ALPS is the country’s first biotechnology firm to reach this milestone. The company is expected to be listed on NASDAQ in the fourth quarter of this year with an enterprise value of approximately $1.6 billion,” he said in a Linkedin post on Friday.

This achievement aligns with one of the primary objectives of the National Biotechnology Policy 2.0, which aims to create three bio-innovation companies with unicorn status by 2030, Chang said.

According to him, ALPS is the second company in Malaysia to reach unicorn status, following Carsome Sdn Bhd, which achieved its unicorn’s status in 2021. A unicorn company refers to a startup that has an overall valuation exceeding $1 billion.

The ALPS Global Holding Bhd (ALPS) Group of companies, is a fully-integrated biotechnology research, medical and wellness services company, according to the company’s Linkedin post. ALPS’s business focus is on the perception that the use of human cells as therapeutic entities will drive one of the next most important phases in medicine and wellness.

Meanwhile, at the National Bioeconomy Exhibition 2024, the event also saw the exchange of 11 memoranda of understanding, valued at approximately MYR1.5 billion, which underscore the strengthening of Malaysia’s biotechnology industry.

With the support of the Ministry of Science, Technology and Innovation (MOSTI), more than 520 biotechnology and bio-based companies have been facilitated by the Bioeconomy Corporation.

This includes BioNexus-status companies, participants in the Bio-based Accelerator (BBA) program, and those involved in high-impact biotechnology projects across Malaysia.

Cumulatively, Chang said these companies have recorded remarkable achievements with approved investments totalling MYR14.3 billion and contributing MYR37.5 billion to the national economy.

This marks a significant step in the growth and competitiveness of Malaysia’s biotechnology and bio-based industries on the global stage, he noted.

In a statement in January, ALPS Global Holding Bhd, a company formed under the laws of Malaysia and Globalink Investment Inc., a publicly traded special purpose acquisition company, announced that they have entered into a definitive merger agreement.

Alps is working to become a successful local, regional and global company by creating a one-stop upstream and downstream biotechnology platform, which transforms and enhances the value chain of Alps as an integrated biotechnology, medical and wellness group, according to the statement.

Following completion of the transactions contemplated by the merger agreement, the combined company will be named “Alps Life Science Inc.” and is expected to be listed on NASDAQ.

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