Pangen Signs MOU with Malaysian Government to Establish Biopharmaceutical Production Facility
[Asia Economy Reporter Jang Hyowon] Pangen, a biopharmaceutical company specializing in biopharmaceuticals (CEOs Yoon Jaeseung and Kim Youngbu), announced on the 20th that it has signed a Memorandum of Understanding (MOU) to establish cGMP manufacturing facilities necessary for biosimilar production in Malaysia.
Through this MOU, Pangen will establish a joint venture (JV) with VentureTECH, a Malaysian government agency, and Duopharma, a state-owned pharmaceutical company. The signing ceremony was held under the auspices of the Minister of the Ministry of Science, Technology and Innovation (MOSTI) of Malaysia, and Pangen attended the signing ceremony via a non-face-to-face video conference due to the COVID-19 situation.
Under this agreement, VentureTECH will invest approximately 15 million ringgit (about 4.2 billion KRW) in the joint venture to be established by Pangen and Duopharma, and will support factory operations, biosimilar product approvals, and sales.
Meanwhile, VentureTECH is a government investment agency under the Ministry of Science, Technology and Innovation directly under the Malaysian Prime Minister, established in 2009. It mainly operates substantial government funds with the purpose of supporting Malaysian companies possessing advanced products and nurturing them as industry leaders. Duopharma is a Malaysian state-owned pharmaceutical company that has been engaged in the bio-business with Pangen for several years and has successfully sold Pangen’s anemia treatment (EPO) biosimilar, ERYSAA, since last year.
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The cGMP production facilities currently owned by Pangen are expected to reach production capacity within the next three years due to strong sales of the first-generation anemia treatment (EPO), upcoming launch of the second-generation product in Japan, and commercial production of the hemophilia treatment (Factor VIII). After signing this MOU, if the main contract is concluded promptly and new production facilities of over 2,000 liters are established in Malaysia, Pangen’s next biosimilar products will be mass-produced at this facility, enabling market entry starting with the Association of Southeast Asian Nations (ASEAN) and eventually expanding into the European market.
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