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Investors turn backs on biotech firms following allegations of misconduct Posted : 2021-03-17 09:00 By Baek Byung-yeul Pharmaceutical and biotechnology companies here became blue chips in the stock market last year, as the unprecedented coronavirus pandemic created new business opportunities with demand increasing sharply for COVID-19 test kits and contract manufacturing of vaccines and treatments for the virus. However, investors are turning their backs on bio stocks this year due to a series of illicit activities, including false public disclosures about clinical tests and allegations of stock manipulation and producing drugs using unapproved recipes. On March 10, the criminal investigation division of the Ministry of Food and Drug Safety searched bio drug maker Binex as part of a widening investigation into the company on suspicion of manipulating the amount of raw materials used in its products. ....