SINGAPORE (Reuters) – Global private equity firm General Atlantic will invest $ 55 million in Kalbe Genexine Biologics (KGBio), a joint venture of Indonesian pharmaceutical company PT Kalbe Farma and South Korean biotechnology company Genexine Inc.
The investment will go toward KGBio’s ongoing clinical development and help increase its production capacity, among others, the companies said in a joint statement Wednesday.
“As a global player in life sciences, General Atlantic brings an extensive network and in-depth knowledge of leverage-focused innovation to KGBio,” said Sie Djohan, director of Kalbe Farma and chief executive officer of KGBio.
Kalbe Farma owns a majority stake in KGBio, which was founded in 2016. Kalbe Farma has a market value of $ 5.2 billion, working in pharmaceuticals, consumer health, nutrition, and circulation and logistics.
U.S.-based General Atlantic has invested in many life sciences companies over several decades, focusing on both emerging revenue and growth businesses.
Reciting with Anshuman Daga; Edited by Rashmi Aich