GC Cell, GC buy New Jersey-based BioCentriq

GC Cell logo

GC Cell and GC bought New Jersey-based BioCentriq for 90 billion won ($73 million), aiming to strengthen their presence in the global gene and cell therapy market.

Founded in 2019, BioCentriq is a contract and development manufacturing organization (CDMO) specializing in gene and cell therapy. It has a manufacturing facility in New Jersey.

GC Cell and GC formed a joint venture for the acquisition of the U.S. CDMO company. GC invested $53 million while GC Cell spent $20 million.

The U.S. gene and therapy market has been growing at an annual rate of 36.3 percent, according to market research firm Frost & Sullivan.

“The latest investment is intended to increase the value chain of the gene and cell therapy CDMO in major markets like North America and Asia, as well as to expand our market presence,” said Park Dae-woo, CEO of GC Cell. “We are considering expanding more capacity in the North America area."

GC Cell was established last year with the merger between GC LabCell and GC Cell in a bid put focus on the gene and cell therapy industry.

BY SARAH CHEA [chea.sarah@joongang.co.kr]