Add Catalent Pharma Solutions to the list of contract companies looking for profits in South Korea. The New Jersey company has teamed up with South Korea's CTC Bio to attract clients looking to market solid oral dose and controlled-release products in the U.S. and Europe.
Catalent didn't disclose the financial particulars, but the deal will pair CTC's drug delivery expertise with Catalent's formulation know-how and manufacturing network, ideally providing South Korean drugmakers with access to global markets, Catalent's Modified Release Technologies President Ian Muir said in a statement.
"In collaboration with CTC Bio, Catalent can now provide South Korean pharmaceutical customers with seamless scale-up and transfer within Catalent's controlled-release capabilities at our Winchester, KY, and Somerset, NJ, facilities in the U.S. and at Schorndorf, Germany, in Europe," Muir said.
South Korea has made significant headway in expanding its biopharma industry in recent years, and CTC's chief science officer said CTC will be well-positioned to snag a share of the growing market by partnering with Catalent. "Catalent's breadth of services and reputation for successful new product launches in international markets makes them an ideal partner for us and our clients/partners in South Korea," Dr. H.R. Jeon said in a statement.
South Korea's nascent CRO market continues to grow, and global heavyweights are taking notice. INC Research is boosting its presence in the region with a new clinical development facility, and Parexel ($PRXL) teamed up with the Korea Drug Development Fund to create and market therapies in the country.
- read Catalent's release
Special Report: Top Emerging CRO Markets -- South Korea