SK Inc. invests $350 million in Center for Breakthrough Medicines
Partnership enhances CBM’s manufacturing capabilities in C> space
The Center for Breakthrough Medicines (CBM), a Pennsylvania-based contract development and manufacturing organization (CDMO) for the cell and gene therapy (C>) sector, has received $350 million in equity financing from SK Inc., an investment holding company for South Korean conglomerate SK Group.
CBM will be using this deal as an opportunity to further develop its fully integrated pre-clinical through commercial manufacturing capabilities with additional automation and infrastructure. Existing and future capabilities include development, viral vector manufacturing, cell processing, plasmid DNA, cell banking, and various complimentary analytical development and testing capabilities.
The investment will also enable strategic joint ventures, sponsored research agreements and development of proprietary technology platforms.
"We chose to partner with SK based on our shared deep desire to cure cancer and eradicate genetic disease," says Brian O'Neill, chairman, CBM. "Thousands of people are dying every day, and we have the ability to cure patients by manufacturing these new technologies. This unprecedented collaboration will allow us to bring over 700,000 square feet of capacity online, and hire 2,000 of the world's most brilliant, advanced therapy experts, all at the Discovery Labs site in King of Prussia, PA."
