[Public Notice+] PanGen Signs 2 Billion KRW Contract for Biopharmaceutical Contract Manufacturing

[Asia Economy Reporter Eunmo Koo] Pangen, a biopharmaceutical company, announced on the 21st through a public disclosure that it has signed a contract for biopharmaceutical contract manufacturing (CMO) with YL Biologics.

The contract amount is approximately 2 billion KRW, which corresponds to 34.5% of recent sales. The contract period is from the 20th of this month until January 19, 2021.

A Pangen representative stated, "This contract is for the supply of raw materials for the second-generation anemia treatment drug (EPO). It has become an opportunity to strengthen Pangen's technological competitiveness in the global market as a company capable of producing not only first-generation but also second-generation anemia treatment EPO products."

Japanese bio company YL Biologics is developing 'Nesp,' a second-generation EPO biosimilar. In particular, Pangen supplied clinical phase 3 samples for YL Biologics' second-generation EPO product and has maintained a close cooperative relationship for several years by signing a raw material supply contract for commercial products.

In November last year, Pangen obtained domestic product approval for the EPO product 'Panfortin,' accelerating product launches not only in overseas markets but also in the domestic market, diversifying its sales network.

A Pangen representative added, "Pangen plans to strive for balanced growth not only in the biosimilar business but also in the CDMO business, making efforts to expand external growth while doing its best for qualitative growth."

This content was produced with the assistance of AI translation services.