General Atlantic, a leading worldwide growth equity firm that invests in and supports early-stage companies strategically, will invest US$55 million in primary capital in Kalbe Genexine Biologics (“KGbio” or “the Company”), a leading integrated biologics holding company focused on the in-licensing, clinical development, and manufacturing of novel biologicals and biosimilar molecules. The money will go toward KGbio's ongoing clinical development and commercialization needs, as well as its asset acquisition plans and production capacity expansion efforts.
KGbio's goal is to be a leading company in expanding the access of biological and biosimilar drugs in Southeast Asia. KGbio is positioned for strategic growth as a joint venture between Kalbe Farma, a leading healthcare and pharmaceuticals company in Indonesia and Southeast Asia, and Genexine, a leading clinical-stage biotechnology company in South Korea. KGbio at-present owns Innogene Kalbiotech (“Innogene”), a biosimilar platform with four current monoclonal antibody medicines now available (Rituximab, Nimotuzumab, Trastuzumab, and Bevacizumab), and holds the controlling share of Kalbio Global Medika (“Kalbio”), a biological manufacturing facility with mammalian cell-line bioreactor capability.
The penetration of biologicals in the region has been decelerated by a number of problems, including cost limits and a lack of local manufacturing capacities. Over the last 20 years, biologicals have developed as a significant category of drug research, with breakthroughs in disease management, particularly in areas like immuno-oncology, which is a primary emphasis area for the Kalbe Group and KGbio. KGbio has developed strong clinical development and manufacturing skills, and wants to use Kalbe Farma's power in distribution and global networks to build a wide portfolio of biologicals for Southeast Asia.
The President Commissioner of Kalbe Farma, Irawaty Setiady, said,
“Biologicals is a key growth lever for the Kalbe Group. As an R&D-driven organization, we are committed to bringing global innovation in medicine and improving the accessibility and affordability of critical drugs for patients across the Southeast Asia region. We welcome the opportunity to partner with General Atlantic, a leading global investor in life sciences, to help realize our vision in Southeast Asia and beyond.”
The Managing Director and Head of India & Southeast Asia at General Atlantic, Sandeep Naik, said, “We admire KGbio’s vision to bring affordable, high-quality biological products to Southeast Asia and look forward to working in partnership with Kalbe Farma and Genexine to advance this mission. With significant existing momentum, we believe KGbio is positioned to becoming a leading biologics platform in the Southeast Asia region as the Company continues to scale.”
CEO of Genexine and commissioner of KGbio, Dr. Sung Young-Chul, said “We are very pleased to have General Atlantic come onboard as a partner in KGbio. Genexine shares Kalbe Farma’s vision to create a leading biotech platform for the Southeast Asia region. Our partnership with Kalbe to bring leading global biotechnology innovation has been very successful so far, and we look forward to the next phase of growth as this new alliance helps us bring our goal closer.”
Director of Kalbe Farma and CEO of KGbio, Sie Djohan, said, “Our partnership with General Atlantic represents a new milestone in KGbio’s growth trajectory beyond Indonesia and Southeast Asia. As a global player in life sciences, General Atlantic brings an extensive network and deep expertise in innovation that KGbio aims to leverage. Having made considerable progress in the clinical development, regulatory approvals and commercialization of our novel and biosimilar molecules, we aim to further expand our portfolio and reach with the support of Genexine and General Atlantic as our partners.”
Managing Director and Head of Indonesia at General Atlantic, Ashish Saboo, said, “KGbio is committed to meeting the challenging healthcare needs of the Southeast Asia region by providing effective, affordable treatments for chronic health conditions. The Company is underpinned by Kalbe Farma’s leading R&D and governance standards, strong portfolio, integrated facilities, experienced management team, and extensive distribution network, as well as Genexine’s clinical development expertise. We are thrilled to back KGbio on their journey to drive global biotechnology innovation.”
KGbio at a Glance
KGbio is a clinical-stage biotechnology company established in 2016, focused on bringing biologics medical innovation to markets outside the US/Canada, Western Europe and China. The business model revolves around in-licensing novel biologics and select biosimilars in oncology and high-specialty therapeutic areas (typically pre-IND or early clinical stage), with the objective to out-license them in target geographies after finishing clinical development as well as regulatory and reimbursement approvals.
Platforms of interest include Fc-fusion proteins, antibodies, bispecifics, ADCs, cell therapies and therapeutic vaccines. The company is backed by Asian pharma companies Kalbe, Genexine and US private equity giant General Atlantic.
Kalbe at a Glance
PT Kalbe Farma Tbk (Kalbe) was established in 1966 and is one of the biggest public pharmaceutical companies in Southeast Asia. Kalbe has four main divisions that handle a portfolio of dependable and various brands: the prescription pharmaceutical division, the health products division that handles over-the-counter drugs, multivitamins, and ready-to-serve supplemental drinks, the nutritions division, and the distribution & logistics division.
Kalbe has also developed a B2B-based digital services ecosystem for the society: EMOS and KlikDokter, a B2C service. EMOS is an order management application system that helps distribution channels perform their stock or supply chain management actions. KlikDokter is a digital platform for healthcare services focusing on telemedicine, which provides health consultation and products that are needed by the society.
Kalbe now has more than 40 subsidiaries and 15 international-standard production facilities, supported by around 16,000 employees in 76 branches throughout Indonesia. Kalbe’s shares have been listed in Indonesia Stock Exchange/Bursa Efek Indonesia (IDX:KLBF) since 1991.
KGM at a Glance
Kalbio Global Medika (KGM) is one of the first and the pioneer of biopharmaceuticals in Indonesia, established in 2014 and inaugurated officially in 2018 by the President of the Republic of Indonesia, Ir. Joko Widodo. KGM is part of the Kalbe Group, a subsidiary of PT Kalbe Genexine Biologics (KGbio), which is a clinical-stage biotechnology company focused on bringing biologics medical innovation to markets outside US/Canada, Western Europe, and China. KGM is an Innovative CDMO, equipped with CMC and scale-up capabilities plugged into Boston biotech ecosystem and state-of-the-art facility to enhance efficiency and productivity. With API manufacturing, formulation, fill and finish capabilities of biosimilar and novel biologics, averaging 10 million units of syringes, cartridges, and vials, KGM supplies local and international markets.
IGK at a Glance
A biotechnology company focusing on novel biologics, biosimilars, and novel diagnostics. Specializing in oncology and hematology therapeutic areas. Innogene was incorporated in 2003 as a subsidiary of PT Kalbe Farma, Tbk., the largest publicly-listed pharmaceutical company in Southeast Asia. Effective from 2021, IGK becomes part of the Kalbe Group, a subsidiary of PT Kalbe Genexine Biologics (KGbio), a clinical-stage biotechnology company focused on bringing biologic medical innovation to markets outside US/Canada, Western Europe, and China.
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