South Korean Conglomerate Invests $350M in the Center for Breakthrough Medicines

The Center for Breakthrough Medicines (CBM) has received $350 million in equity financing from SK Inc, South Korea’s second largest conglomerate. CBM is partnering with SK to create the world's largest end-to-end cell and gene therapy contract development and manufacturing organization ( CDMO ). 

CBM will leverage this investment to enhance its fully integrated pre-clinical through commercial manufacturing capabilities with world class automation and infrastructure. Existing and future capabilities include process development, viral vector manufacturing, cell processing, plasmid DNA , cell banking, and a full suite of complimentary analytical development and testing capabilities. 

"We chose to partner with SK based on our shared deep desire to cure cancer and eradicate genetic disease," said Brian O'Neill, chairman, Center for Breakthrough Medicines. "Thousands of people are dying every day, and we have the ability to cure patients by manufacturing these new technologies. This unprecedented collaboration will allow us to bring over 700,000 square feet of capacity online, and hire 2,000 of the world's most brilliant, advanced therapy experts, all at the Discovery Labs site in King of Prussia, PA." 

Audrey Greenberg, co-founder, Center for Breakthrough Medicines, said, "SK is the perfect strategic partner to enable CBM's core mission of expediting approval for cell and gene therapies. SK's mission of delivering value and happiness for all, their emphasis on a culture of safety and quality, and their global reach creates an ideal match for CBM allowing us to scale and deliver in an unprecedented manner."

In addition to supporting lab and GMP suite build-out, this investment will also enable strategic joint ventures, sponsored research agreements, and development of proprietary technology platforms.

"People of all ages are suffering from cancer and genetic diseases around the world.  Our partnership with SK accelerates our ability to bring together the world's most brilliant minds to develop and manufacture cures," said Joerg Ahlgrimm, president and CEO, Center for Breakthrough Medicines. "The partnership with SK, Inc. allows us to more fully realize our mission to save lives by accelerating the development and manufacturing of advanced therapies. This mission is the foundation of our company culture—we always put our partners and patients first, it is the premise of CBM and why we come to work every day."

Dong Hoon Lee, executive vice president, SK Inc., said, "CBM's strong management team and geographic location in Philadelphia, the birthplace of the cell and gene therapy industry, were core elements in our desire to invest in the company. Through our investment in CBM, which was made through SK Pharmteco, an SK holding company, we have secured a crucial foundation for realizing SK pharmteco's vison in 2025 to become a global top-tier CDMO."