SK Pharmteco, the contract development and manufacturing organization of South Korean holding company SK Inc., is reportedly planning for a pre-initial public offering (IPO) this year. The announcement was supposedly made by SK Inc. at the annual JP Morgan Healthcare Conference.
Lee Dong-hoon, Executive VP and Head of Bio Investment Center at SK Inc., stated that the company will be fully supporting the successful commercialization of SK Pharmteco while charting out a more specific strategy for an IPO.
Lee added that SK Pharmteco will gain an advantage in the industry for having a high-quality manufacturing capacity among leading countries.
SK Pharmteco also announced its Vision 2025 growth strategy at the virtual conference while sharing its past performances and plans of becoming a top 5 CDMO globally.
Aslam Malik, CEO of SK Pharmteco, stated that the company’s forecasted sales in 2021 had reached a record $740 million, which is a growth of 7.5 times since 2017; when it started its global expansion process.
Malik added that as the growth of small molecule APIs continues; the company is also aiming on becoming a CDMO with $2 billion in annual sales by 2025, essentially leveraging the company’s cell and gene therapy business unit as the novel growth engine.
Malik also highlighted the company’s combined Asia-Europe-US manufacturing capacity, a well-known track record of both regulatory compliance and terrific pipeline based upon long-term contracts.
With its regular investments, SK Pharmteco is planning for a 50% expansion in global manufacturing capacity from its current 1000 cubic meters, as per the company.
SK Pharmteco, which had joined the world’s biggest healthcare conference held for investors for the first time, was the only Korean company invited to the Private Track, where presentation opportunities for non-listed companies are offered.
The company said that its potential investment value had been recognized for the global market.
The company added that global firms in the US make up 65% of its customers, while in Europe they make up 30%.
Source credit: http://www.koreaherald.com/view.php?ud=20220111000676