King of Prussia’s Center for Breakthrough Medicines Land Major Investment from South Korean Conglomerate SK

Center for Breakthrough Medicines
Images via Center for Breakthrough Medicines.

The Center for Breakthrough Medicines, which is based within MLP Ventures’ Discovery Labs innovation hub campus in King of Prussia, has secured an equity investment of $350 million from South Korean conglomerate SK, writes John George for the Philadelphia Business Journal.

Together, the two organizations plan to create the largest end-to-end cell and gene therapy contract development and manufacturing organization in the world.

Their plans include hiring 2,000 people at the center over the next four years.

According to Brian O’Neill, chairman of the Center for Breakthrough Medicines, this collaboration will make it possible for the center to bring online over 700,000 square feet of cell and gene therapy product testing manufacturing capacity.

“We chose to partner with SK based on our shared deep desire to cure cancer and eradicate genetic disease,” O’Neill said. “Thousands of people are dying every day, and we have the ability to cure patients by manufacturing these new technologies.”

The center will use the funds to improve its array of gene and cell therapy product services that start with pre-clinical testing and finish in commercial manufacturing.

Read more about the Center for Breakthrough Medicines and the investment from South Korean Conglomerate SK in the Philadelphia Business Journal.

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