South Korea’s SK Inc. committed $350 million in equity financing to the Center for Breakthrough Medicines (CBM) as part of the partnership the organizations unveiled two months ago in their effort to build a global end-to-end cell and gene therapy CDMO.
When SK first signed on to the CBM cell and gene therapy effort, the company didn't release a dollar amount for its funding. CBM, which is building out its campus on a former GlaxoSmithKline site, was formed in 2019.
CBM will use the funds to establish preclinical through commercial manufacturing capabilities. The organization plans to offer viral vector manufacturing, cell processing, cell banking and a full spectrum of analytical development and testing.
With the investment, which was made through SK Pharmteco, an SK holding company, “we have secured a crucial foundation for realizing SK Pharmteco’s vision in 2025 to become a global top-tier CDMO,” Dong Soon Lee, executive vice president of SK, said in a statement.
When completed, CBM will occupy about 700,000 square feet at the Discovery Labs (the former GSK site) that are part of what is dubbed Cellicon Valley in King of Prussia, Pennsylvania.
CBM has said it plans to hire 2,000 new employees over the next four years.