Genuone Sciences on track for biz expansion from generics to biologics

Genuone Sciences

Genuone Sciences, a leading contract manufacturer for generics in South Korea, is actively seeking to expand its export markets, while preparing to advance into contract development and manufacturing for biologics.

Genuone Sciences is especially working to add Malaysia, Thailand, and Mexico to its list of new export markets, the company’s chief executive Lee Sam-soo told Maeil Business Newspaper in an interview on Monday.

“We will seek clinical trials to develop and launch generics that are facing patent expiry in local markets,” said Lee, adding the company’s ultimate goal is to enter the United States and Europe.

Genuone Sciences is also preparing to start CDMO business for biologics and is aiming to increase its presence in areas where it can set itself apart from established giants such as Samsung Biologics, Celltrion and SK bioscience, Lee explained.

Genuone Sciences was launched in November 2020 as the combination of Kolmar Korea’s pharmaceutical business and Kolmar Pharma both acquired by IMM Private Equity.

The company is cooperating with some 150 Korean pharmaceutical firms to deliver drug products. About 80 percent of its products are locally manufactured synthetic medicines. More than 670 drug products come from Genuone Sciences and some 250 of which are exported to multiple countries. The company generated more than 300 billion won ($211 million) in sales in its first year of business and is expected to achieve about 350 billion won this year.

Lee also said the company already secured one third of its export target for next year, emphasizing that this strong performance is supported by the company’s R&D and manufacturing know-how accumulated over many years in broad CDMO areas of generics, modified and novel drugs.

Genuone Sciences also considers developing its own novel therapies and continues open innovation and potential acquisition programs.

Before joining Genuone Sciences in April, Lee worked at another local pharmaceutical company Boryung, responsible for research and production until August of last year. He also served key positions at Celltrion Pharm and Hanmi Pharmaceutical.

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