List Biotherapeutics, Inc. (hereinafter List Bio, CEO Cho Yong-wan), a subsidiary of Genome & Company (CEO Bae Ji-su and Park Han-soo), a global cancer immunotherapy company, announced that it has raised US$31 million worth of funding to kick-start its CDMO business. This is the first financing since the announcement of plans to build a large-scale new factory in Fishers, USA last November.
This funding was achieved three months after Genome & Company established its subsidiary List Bio last October for the purpose of establishing a new factory in the United States, and was achieved through List Bio receiving direct investment. In funding, eight major investors, including Korea Investment Partners, Korea Investment & Securities, and DSC Investment, attracted a total of US$31 million through pre-investment in Series A. List Bio plans to complete Series A by attracting additional investment within the first quarter of 2022.
According to the National Biotechnology Policy Research Center’s ‘2021 Bioindustry Collection’ published on the 21st, the global biopharmaceutical CDMO market is expected to grow at an average annual rate of 10.1% from $11.38 billion in 2020 to $20.31 billion in 2026. The report focused on biopharmaceuticals related to COVID-19 vaccines in the short term, but predicted rapid growth in the field of late-stage clinical and next-generation oncology treatments as the biopharmaceutical market expands in the future.
List Bio CEO Cho Yong-wan said, “Existing microbiome CDMOs are currently focusing on producing early development stage materials, so a supply shortage is expected due to future microbiome market growth, and the need for large-scale CDMO facilities continues to emerge in the market. “We have come,” he said. “The unprecedented support measures received from the city of Fishers, USA, such as the free acquisition of 18,000 pyeong of production facility land and property tax reduction, and the investment attraction that was successfully completed 3 months after List Bio’s establishment also support the microbiome CDMO. “This is a result that shows expectations for high growth potential,” he said.
Bae Ji-su, CEO of Genome & Company, said, “Genome & Company’s entry into the CDMO business has three meanings. First, it is a conviction that the microbiome industry will grow rapidly; second, it is an expression of confidence in the company’s research and development pipeline; and third, it is a virtuous cycle in which the company can secure stable sales and boldly invest in the research and development of its innovative new drug pipeline. “It’s about creating a structure,” he said. He then stated his goal, saying, “When our research and development and CDMO business progress as planned, Genome & Company will establish itself as the global number one in the microbiome industry.”
Meanwhile, in order to focus on the microbiome CDMO business, Genome & Company acquired the U.S. microbiome CDMO List Labs last September and established the U.S. subsidiary List Bio in October. List Bio has secured a 18,000 pyeong site at the Fishers Life Science & Innovation Park located in Fishers City and has begun preparations to build a large-scale microbiome production facility.
Source: Pangyo Techno Valley Official Newsroom
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