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Indonesia's Kalbe raises $55m to grab ASEAN biologics market

US fund General Atlantic bets on joint venture's capacity boost and trials

Indonesia's Kalbe Farma established KGBio with South Korean biotechnology company Genexine in 2016. 

JAKARTA -- Global private equity firm General Atlantic will invest $55 million in a Jakarta-based biopharmaceutical joint venture between Indonesia's largest drugmaker, Kalbe Farma, and South Korean biotechnology company Genexine, as the venture seeks to become a dominant player in Southeast Asia's biological pharmaceuticals market.

Sie Djohan, president director of the joint venture, Kalbe Genexine Biologics, better known as KGBio, said on Wednesday that 60% of the funds will be used to support the company's portfolio expansion and innovations, 30% to expand production capacity and 10% for clinical trials.

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