Center for Breakthrough Medicines in King of Prussia sold its controlling interest to SK Pharmteco after experiencing some investing lags that led to the layoff of 60 workers in August, writes John George for Philadelphia Business Journal.

SK Pharmteco, a division of the South Korean conglomerate SK Inc., is based in Rancho Cordova, California.

The other owners of Center for Breakthrough Medicines are its management, New York investment firm Deerfield Management and other investors.

A contract development and manufacturing organization or CDMO that specializes in cell and gene therapy, the Center for Breakthrough Medicines will merge operations with another CDMO in France to establish a global cell and gene therapy business unit for SK Pharmteco.

“With manufacturing sites in both Europe and the U.S., SK Pharmteco is closer to its goal of being a leading CDMO that produces both chemical APIs (active pharmaceutical ingredients) and biologic drugs,” said Joerg Ahlgrimm, CEO of SK Pharmteco and former CEO of the Center for Breakthrough Medicines.

Read more about the future plans for the Center for Breakthrough Medicines at the Philadelphia Business Journal.

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