October 16, 2024

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South Korean biotech firm Genexine announced on Sept. 27 that it has signed a contract with the Thai company KinGen Holdings to establish a 50:50 joint venture named KinGen Biotech.

KinGen Holdings is a Thai consortium that is backed by the government, schools and divers investors, according to Genexine.

“We will establish a JV with KinGen Holdings to effectively carry out our new bio drug development business in Thailand, which is the second-largest market after Indonesia,” a Genexine official said in a statement.

The Korean company said it aims to reach sales of more than $220 million in Thailand by 2026 with starting its Contract Manufacturing Organization business for supplying its products to ASEAN nations.

This is part of the company’s long-term plan to tap into new markets in Asia, which was set in 2015. Since then, the company has been trying to form a partnership with companies from different countries in Asia.

In 2017, Genexine signed a $548 million worth exclusive regional licensing deal with China’s I-Mab Biopharma to develop and commercialize its investigational immuno-oncology drug HyLeukin. The firm has also established a JV with another Chinese pharmaceutical company Simcere to develop cervical cancer treatment together. In Indonesia. Genexine has also established a JV with Kalbe Group.

By Song Seung-hyun (ssh@heraldcorp.com)