CHA Biotech said that it would transfer shares and technologies of Stem Cell & Regenerative Medicine International (SCRMI), a joint venture between CHA and Astellas Institute of Regenerative Medicine (AIRM), to AIRM.
Under the accord, CHA Biotech will hand over its stakes in SCRMI related to specific pluripotent stem cell differentiation technology to AIRM, and receive 54.2 billion won ($46.7 million) from the latter in a lump-sum payment.
CHA Biotech established SCRMI jointly with AIRM in 2008 to develop and commercialize stem cell technology and commercialize products. Through the joint venture, the two companies have been developing various cell therapy products through researches related to stem cells over the past 10 years.
The Korean company plans to use the newly acquired fund to develop new stem cell therapies.
“Through this agreement, CHA Biotech has demonstrated its technological edge not only in Korea but in the global market as well,” CHA Biotech CEO Oh Sang-hoon said. “We will further promote the commercialization of products based on the largest stem cell pipeline in Korea.”