Daewoong Bio Laboratory Daewoong, the holding company of South Korea's pharmaceutical-oriented Daewoong Group, is speeding up its pace to beef up its contract development and manufacturing (CDMO) business.
In its stock exchange filing on Monday, Daewoong revealed that its subsidiary Daewoong Bio Co. will invest 146 billion won ($118 million) in building a factory for the production of biologics.
Daewoong Bio had previously spent 2.9 billion won to secure an 8,900-square-meter site to build the plant.
The subsidiary plans to promote its global CDMO business by utilizing a microbial-based factory that will be built here by the end of next year.
Daewoong Bio has thus far focused on general-purpose active pharmaceutical ingredient manufacturing and the latest investment will help it to elevate its business portfolios into a higher value-added biopharmaceutical mix.
Currently, Daewoong Bio is making the Gliatamin tablet, the No. 1 treatment in the market of choline alfoscerate for cognitive diseases.