– Newest Combination Strengthens GC’s Unique Value Proposition for the Fastest Growing CDMO market
YONGIN, SOUTH KOREA & NEWARK, N.J.–(BUSINESS WIRE)–GC corp. (KOSPI: 005250), the holding (system) company for GC group in South Korea with major operating companies in across healthcare sectors, today announced that it has signed a definitive agreement to acquire 100% of the shares of BioCentriq, Inc., a pioneering US-based contract development and manufacturing organization (CDMO) that designs and develops scalable cell and gene technologies. This cross-border acquisition broadens GC companies’ capabilities in scaling CDMO platforms.
Founded in 2019 as a New Jersey Innovation Institute company, BioCentriq is well-positioned in the potentially $ 40 billion addressable market, end-to-end CDMO for cell and gene therapy process development and clinical manufacturing with cGMP-grade clinical manufacturing facility across locations in New Jersey. The company manufactures autologous and allogeneic cell therapies and gene therapies and specializes in viral vector production, cell and viral banking, and upstream and downstream processing.
“BioCentriq’s unique expertise in the rapidly growing cell and gene therapy CDMO will be a transformative addition to our business that we believe will accelerate our growth, with additional expansion projects underway adjacent to current BioCentriq facilities.” said Yong-Jun Huh, president of GC. “We are thrilled to team up with BioCentriq’s incredibly talented team.”
Going forward BioCentriq will operate in a mode similar to other GC companies, wherein each company maintains its individual culture and identity while sharing best practices.
Raymond James is acting as GC’s advisor on this transaction.
GC (formerly known as Green Cross Holdings), through its operating companies, provides total healthcare solutions that address the evolving needs of human health. GC was founded in 1967 and is headquartered in Yongin, South Korea.
This press release may contain forward-looking statements, which express the current beliefs and expectations of GC’s management. Such statements do not represent any guarantee by GC or its management of future performance and involve known and unknown risks, uncertainties and other factors. GC undertakes no obligation to update or revise any forward-looking statement contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule.