Matica Biotechnology, local firm Cha Biotech’s US subsidiary, has set out a goal of posting 1 trillion won ($761 million) in annual sales to become a global top five contract development and manufacturing organization business in cell and gene therapy by 2030, the company said Thursday.

“The global cell and gene therapy CDMO market is expected to reach 25 trillion won by 2030 with a compound annual growth rate of over 20 percent,” said Song Yun-jeong, CEO of Matica Biotechnology, in a press sit-down at the Cha Bio complex in Pangyo, Gyeonggi Province.

The company completed the construction of a CDMO facility for cell and gene therapy with a 500-liter bioreactor in College Station, Texas, in May.

The CEO pointed out that the company has already inked a CDMO deal with a US gene therapy firm without mentioning the firm’s name. Matica Biotechnology is currently in talks with about 50 companies and expects to see signed contracts in the future, she added.

According to the company, Matica Biotechnology will expand the production facilities and equipment to meet the demands of customers while reflecting the clinical trial trends of cell and gene therapy.

The company has secured an extra space of 6,000-square-meter to extend the CDMO facility that can produce commercialized drugs.

Matica Biotechnology is currently working with international pharmaceutical and laboratory equipment supplier Sartorius to develop an automatic analysis of drug process while conducting joint research with nearby Texas A&M University on plasmid DNA and protein.

Meanwhile, Cha Bio Group has invested 300 billion won into constructing Cell Gene Biobank, which is expected to be the largest single facility in the cell and gene therapy CDMO business. Located in Pangyo, Gyeonggi Province, CGB is expected to be completed by the end of 2024.

The group expects Matica Biotechnology and CGB to play integral roles with their technological expertise and productions capabilities in expanding the global businesses together in the future.