Genexine said that it has established KinGen Biotech in Thailand, a joint venture with KinGen Holdings, a Thai consortium backed by the government, schools and investors.
The two parties will invest 50 percent of the funds each for KinGen Biotech, which will operate a contract development and manufacturing org
anization business to achieve cumulative sales of between $220 million to $250 million by 2026, playing a leading role in the pharmerging Asian market, the Korean company said in a press release Thursday.
The contract is part of Genexine’s advance into the pharmerging Asian market since 2015. In China, the company is developing joint pipelines with I-Mab, a local biotech company, and has established a joint venture to develop cervical cancer vaccines with the Simcere Group.
Besides, Genexine has launched a joint company in Indonesia, which has the largest market among ASEAN countries, with Kalbe Group.
“By establishing a joint venture with KinGen Holdings in Thailand, we plan to develop new biopharmaceuticals effectively in the Thai market, which is the second-largest and fastest-growing market among ASEAN countries,” a company official said.
The joint venture is also significant as it has allowed Genexine to secure a production base locally and laid the foundation to play a leading role in biopharmaceuticals not only in the ASEAN market but also in the Middle East and Africa, the official added.