SK Pharmteco Expands U.S. Capabilities with Controlling Interest in Center for Breakthrough Medicines
SK pharmteco is taking another major step in building the world’s leading contract development and manufacturing organization (CDMO) for the pharmaceutical industry by acquiring a controlling interest in Center for Breakthrough Medicines.
SK pharmteco announced the move earlier this month, reinforcing its strategy to deliver end-to-end support across multiple areas of medicines. SK Inc., the strategic investment arm of SK Group, created SK pharmteco in 2019 with the vision of building a company that helps pharmaceutical companies around the world develop and manufacture lifesaving medicines. The company’s global headquarters are in Rancho Cordova, Calif.
Center for Breakthrough Medicines (CBM), based in King of Prussia, Pa., has extensive capabilities in cell and gene therapies -- an area of medicine that’s creating new, innovative ways to treat illnesses. SK pharmteco made an initial investment of $350 million in CBM less than two years ago. Yposkesi, an SK pharmteco company based in Europe, also supports cell and gene therapy development and manufacturing.
The move to acquire a controlling interest in CBM expands SK pharmteco’s geographic reach, technical expertise and manufacturing capabilities. SK pharmteco has a strong base in small-molecule development and manufacturing through AMPAC Fine Chemicals, a U.S. subsidiary, and SK Biotek, which has facilities in South Korea and Ireland. Most drugs on the market today are in the small-molecule category created from chemicals, but biologics, which include cell and gene therapies, are rapidly growing.
“With CGT manufacturing sites in both Europe and the U.S., SK pharmteco is closer to its goal of being a leading CDMO that produces both chemical APIs and biologic drugs,” said Joerg Ahlgrimm, CEO of SK pharmteco. “As we continue our journey from being a leader in small molecule development and manufacturing to being a leader in multiple modalities, including CGT, we will ensure our focus remains on our unwavering dedication to providing lifesaving therapies to patients around the world and bringing solutions to our clients.”
For more on the acquisition, see the SK Pharmteco press release.
