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17 Nov 2021

CBM secures funding from SK for C&G manufacturing expansion

SK's financial backing enables CBM to address significant capacity constraints in the cell and gene therapy manufacturing space

The Center for Breakthrough Medicines (CBM) said it has secured funding from South Korean finance group SK to expand its manufacturing capacity as it bids to become the world's largest end-to-end cell and gene therapy CDMO.

CBM, which was established in 2019, will use the proceeds of the undisclosed amount of financing to support operations, research, lab and GMP suite build out, strategic joint ventures, sponsored research agreements, technology platforms, automation and infrastructure. It will also be hiring 2,000 new team members over the next four years.

Upon completion, the CDMO will occupy nearly 700,000 sq. ft at The Discovery Labs, located in the heart of Philadelphia's Cellicon Valley in King of Prussia, Pennsylvania ― the birthplace of the cell and gene therapy industry.

"SK has a strong biopharma portfolio, including considerable investments in cell and gene therapy companies creating enormous strategic value for CBM," said Audrey Greenberg, Co-Founder, Center for Breakthrough Medicines, adding that the partnership will bring capacity to a "starved cell and gene therapy marketplace" and expedite the delivery of new therapies.

In addition to CDMO services, CBM has been investing significantly in proprietary cell and gene manufacturing technology which allows clients to leverage the company's platforms to accelerate speed-to-market and lower cost.

The financing is expected to close in December 2021.

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