Daewoong Bio begins full-fledged biopharmaceutical CMO business (consignment production)

Daewoong Bio announced on the 3rd that it will expand its microorganism-based genetic recombinant medicine CMO business after completing the construction of a bio plant in Hyangnam, Hwaseong, Gyeonggi-do.

Daewoong Bio announced that it plans to secure future growth engines by utilizing the plant, which will be established at the cGMP (Good Manufacturing Practices) level, and to produce biopharmaceuticals from Daewoong Pharmaceutical [069620] and its affiliates on consignment basis.

Daewoong Bio explained that it is preparing to move beyond being a genetically modified drug CMO and become a specialized contract development and manufacturing (CDMO) company.

Lee Ho-jin, head of Daewoong Bio’s bio factory center, said, “Based on our ability to produce microorganism-based genetic recombinant drugs, we will enter the global CMO market and achieve 1 trillion won in sales by 2030.”

(Source: Yonhap News)