General Atlantic US Invests US$55 Million in Kalbe Genexine Biologics
General Atlantic, a leading worldwide growth equity firm that invests in and supports early-stage companies strategically, will invest US$55 million in primary capital in Kalbe Genexine Biologics (“KGBio” or “the Company”), a leading integrated biologics holding company focused on the in-licensing, clinical development, and manufacturing of novel biologicals and biosimilar molecules. The money will go toward KGBio's ongoing clinical development and commercialization needs, as well as its asset acquisition plans and production capacity expansion efforts.
KGBio's goal is to be a leading company in expanding the access of biological and biosimilar drugs in Southeast Asia. KGBio is positioned for strategic growth as a joint venture between Kalbe Farma, a leading healthcare and pharmaceuticals company in Indonesia and Southeast Asia, and Genexine, a leading clinical-stage biotechnology company in South Korea. KGBio at-present owns Innogene Kalbiotech (“Innogene”), a biosimilar platform with four current monoclonal antibody medicines now available (Rituximab, Nimotuzumab, Trastuzumab, and Bevacizumab), and holds the controlling share of Kalbio Global Medika (“Kalbio”), a biological manufacturing facility with mammalian cell-line bioreactor capability.
The penetration of biologicals in the region has been decelerated by a number of problems, including cost limits and a lack of local manufacturing capacities. Over the last 20 years, biologicals have developed as a significant category of drug research, with breakthroughs in disease management, particularly in areas like immuno-oncology, which is a primary emphasis area for the Kalbe Group and KGBio. KGBio has developed strong clinical development and manufacturing skills, and wants to use Kalbe Farma's power in distribution and global networks to build a wide portfolio of biologicals for Southeast Asia.
The President Commissioner of Kalbe Farma, Irawaty Setiady, said,
“Biologicals is a key growth lever for the Kalbe Group. As an R&D-driven organization, we are committed to bringing global innovation in medicine and improving the accessibility and affordability of critical drugs for patients across the Southeast Asia region. We welcome the opportunity to partner with General Atlantic, a leading global investor in life sciences, to help realize our vision in Southeast Asia and beyond.”
The Managing Director and Head of India & Southeast Asia at General Atlantic, Sandeep Naik, said, “We admire KGBio’s vision to bring affordable, high-quality biological products to Southeast Asia and look forward to working in partnership with Kalbe Farma and Genexine to advance this mission. With significant existing momentum, we believe KGBio is positioned to becoming a leading biologics platform in the Southeast Asia region as the Company continues to scale.”
CEO of Genexine and commissioner of KGBio, Dr. Sung Young-Chul, said “We are very pleased to have General Atlantic come onboard as a partner in KGBio. Genexine shares Kalbe Farma’s vision to create a leading biotech platform for the Southeast Asia region. Our partnership with Kalbe to bring leading global biotechnology innovation has been very successful so far, and we look forward to the next phase of growth as this new alliance helps us bring our goal closer.”
Director of Kalbe Farma and CEO of KGBio, Sie Djohan, said, “Our partnership with General Atlantic represents a new milestone in KGBio’s growth trajectory beyond Indonesia and Southeast Asia. As a global player in life sciences, General Atlantic brings an extensive network and deep expertise in innovation that KGBio aims to leverage. Having made considerable progress in the clinical development, regulatory approvals and commercialization of our novel and biosimilar molecules, we aim to further expand our portfolio and reach with the support of Genexine and General Atlantic as our partners.”
Managing Director and Head of Indonesia at General Atlantic, Ashish Saboo, said, “KGBio is committed to meeting the challenging healthcare needs of the Southeast Asia region by providing effective, affordable treatments for chronic health conditions. The Company is underpinned by Kalbe Farma’s leading R&D and governance standards, strong portfolio, integrated facilities, experienced management team, and extensive distribution network, as well as Genexine’s clinical development expertise. We are thrilled to back KGBio on their journey to drive global biotechnology innovation.”