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Medipost Co. Ltd, a South Korean biotechnology company, purchased a stake in Canada's OmniaBio Inc., a subsidiary of the Centre for Commercialization of Regenerative Medicine (CCRM), as it is planning to launch its own contract development and manufacturing organization (CDMO) business in North America.
Medipost Co. is planning to make new stem cell treatment products at OmniaBio's facilities in Canada. Thus, it entered into a strategic agreement with the company that is currently a leader in stem cell therapeutics in the world.
The Korean firm engages in the development and manufacturing of stem cell biotech products, and it has acquired a 39.6% stake in OmniaBio Inc. Mediapost is putting in an investment of ₩29.5 billion or around $30 million in Canadian dollars for the purchase. The acquisition deal is set to close on July 1.
According to The Korea Economic Daily, Medipost will be establishing its CDMO business in North America after the deal is completed. It is also planning to raise its stake in OmniaBio by buying convertible bonds worth ₩59.1 billion, and the company is hoping to achieve this by the end of 2024.
With the given numbers, Medipost is set to become the Canadian CDMO firm's largest shareholder, with the total investment reaching C$90 million. OmniaBio's facility is located in Hamilton, Ontario, and it is currently working on a project to expand its facilities for cell and gene therapies from 8,500 square meters to 10,000 square meters site by the year 2025.
"CCRM has spent a great deal of time looking for the right investment partner for OmniaBio, and we are very pleased to have Medipost on board," OmniBio's president, Mitchel Sivilotti, said in a press release. "Medipost will be an initial anchor and revenue generating customer of OmniaBio and will also help us develop an international customer base in Asia. We are launching from a strong and stable position and will be starting construction at McMaster Innovation Park this summer."
Finally, it was revealed that the money from Medipost's purchase deal will be used for the real estate construction and operation of OmniaBio. The overall project was said to be worth $580 million.
