King of Prussia cell, gene therapy company receives $350M investment

SK, a South Korean investment holding company, recently invested $350 million in equity financing in King of Prussia-based Center for Breakthrough Medicines (CBM).

Financing will be used to create the world’s largest end-to-end cell and gene therapy contract development and manufacturing organization. CBM will enhance its pre-clinical through commercial manufacturing capabilities with automation and infrastructure.

Capabilities include cell banking, cell processing, plasmid DNA, viral vector manufacturing, process development, and a full suite of complimentary analytical development and testing capabilities.

The investment also will allow the company to develop proprietary technology platforms, sponsor research agreements, and enter into strategic joint ventures.

“We chose to partner with SK based on our shared deep desire to cure cancer and eradicate genetic disease,” Brian O’Neill, CMB chairman, said. “Thousands of people are dying every day, and we have the ability to cure patients by manufacturing these new technologies. This unprecedented collaboration will allow us to bring over 700,000 square feet of capacity online and hire 2,000 of the world’s most brilliant, advanced therapy experts, all at the Discovery Labs site in King of Prussia, Pennsylvania.”

CBM’s capabilities accelerate the timetable to market and the affordability of advanced therapies from discovery to commercialization.