ST Pharm announced on Monday that it has secured a contract worth 89.7 billion KRW (about 60.2 million USD) for the supply of oligonucleotide active pharmaceutical ingredients to a global pharmaceutical company. This deal represents the largest single contract for oligonucleotide raw materials in the company’s history.
The active pharmaceutical ingredients will be used in treatments that have already been commercialized globally. Due to confidentiality agreements, the client and product names remain undisclosed. The delivery period is set from this year through the end of next year.
The value of this order is significant, accounting for approximately 32.8% of ST Pharm’s consolidated revenue of 273.7 billion KRW (about 184 million USD) in 2024.
Building on its strong performance last year, ST Pharm has amassed an impressive backlog of oligonucleotide orders totaling 356 billion KRW (about 239 million USD). The company’s total order backlog is approaching 463.5 billion KRW (about 311 million USD), bolstered by contracts secured since the beginning of this year.
As the global market for oligonucleotide therapeutics continues to expand, ST Pharm has positioned itself as a market leader. The company’s second oligonucleotide facility has established ST Pharm as the top producer in Asia and a formidable player on the global stage.
ST Pharm is cementing its position as a Contract Development and Manufacturing Organization (CDMO) capable of meeting diverse client needs. The company’s strengths lie in its superior production capabilities, rigorous quality control, comprehensive integrated services, and extensive experience across the entire product lifecycle of good manufacturing practice (GMP).
An ST Pharm spokesperson emphasized that its track record in managing projects from initial clinical trials to full-scale commercial production is a competitive advantage that can’t be easily replicated. They’re committed to leveraging the global experience and expertise to expand collaborations with international clients.