SINGAPORE (Reuters) – Global private equity firm General Atlantic will invest $55 million in Kalbe Genexine Biologics (KGBio), a joint venture of Indonesian pharmaceuticals firm PT Kalbe Farma and South Korean biotech firm Genexine Inc.
The investment will go towards KGBio’s ongoing clinical development and help boost its production capacity, among others, the companies said in a joint statement on Wednesday.
“As a global player in life sciences, General Atlantic brings an extensive network and deep expertise in innovation that KGBio aims to leverage,” said Sie Djohan, director of Kalbe Farma and chief exectuive officer of KGBio.
Kalbe Farma owns a majority stake in KGBio, founded in 2016. Kalbe Farma, which operates in prescription pharmaceuticals, consumer health, nutrition, and distribution and logistics, has a market value of $5.2 billion.
U.S.-based General Atlantic has invested in many life sciences firms over several decades, focusing on both revenue-stage and emerging growth pharmaceutical and biotechnology businesses.