CHA Biotech’s US affiliate strives to chalk up fast growth
Matica Biotechnology strives to achieve 1 trillion won ($790 million) in sales by the end of this decade, according to its chief executive officer Song Yun-jeong on July 21.
Toward that end, the U.S. affiliate of Korean medical giant CHA Biotech aims at chalking up fast growth in its contract development and manufacturing organization (CDMO) businesses for cell and gene treatments.
In a press conference, Matica Biotechnology chief Song said that it had inked a CDMO contract with a U.S. gene therapy manufacturer. The firm launched cell and gene therapy facilities in Texas in May.
However, Song did not name the new customer.
A CDMO refers to a company in the pharmaceutical industry, which offers drug development and manufacturing services. Many pharmaceutical corporations have partnered with CDMOs to outsource their work.
“Compared to other biopharmaceutical products or therapeutic antibodies, the development of cell and gene therapy takes far less time,” Song told the press conference in Seoul.
“In my opinion, it is important to jack up our competitiveness through field experience rather than funneling a big amount of funds for research.”
Based on such strategies, Song vowed to achieve a 1 trillion won turnover by 2030.
Matica Biotechnology has focused on developing new drugs and asking for approval from the U.S. Food and Drug Administration.
The company said that around 70 percent of its employees work in research and production.