LG Life Science(LGLS) successfully developed a new drug, called Factive, and obtained FDA’s new drug approval(NDA) for the first time among Korean pharmaceutical companies in 2003. LGLS effectively used strategic alliances with global pharmaceutical companies to penetrate international markets, acquire complementary capabilities and gain FDA approval. How did LGLS succeed in penetrating the global pharmaceutical market through collaboration? This study investigates (1) the key drivers and strategic rationale of LGLS’s strategic alliance with SmithKline Beecham (2) the alliance negotiation and management process (3) some key success factors of collaboration and implications for Korean pharmaceutical companies.Some of the key success factors in strategic alliances are found to be (1) clear and compatible goals between the partners to achieve rapid commercialization (2) strong commitment to the project by top managementhigh strategic priority (3) mutual trust and respect between the partners (4) careful selection of alliance managers with an open- mindset and good interpersonal skills.LGLS’s strategic alliance model provides some useful insights for Korean pharmaceutical companies in overcoming its limitations and build a global market presence and capabilities through collaboration and partnerships.