Prestige Biologics said it has signed a contract manufacturing organization (CMO) agreement with Celltrion for the latter's clinical materials, amounting to 9 billion won ($6.6 million).

This contract represents a 522 percent increase over the previous year's revenue of 1.7 billion won, quintupling the previous year's performance.

Using this contract, Prestige plans to solidify its business trajectory by securing additional global client orders that are currently under negotiation.

Prestige, which began full-fledged independent sales operations last year, has diversified its portfolio with small- to medium-sized projects to build a track record, and the company plans to use its latest contract with Celltrion to secure further sales.

The company stressed that the order is also a direct result of the sales strategy presented at the 2023 CPHI(Convention on Pharmaceutical Ingredients) Worldwide in Spain last October.

Prestige's sales team has been actively promoting production capabilities and creating business opportunities by participating in various domestic and international exhibitions and conferences.

"This order is significant as it is the largest contract manufacturing order in the company's history and marks a new beginning towards becoming a global CDMO company," Prestige Biopharma R&D Director Yang Jae-young said. "With this track record, we aim to offer advanced manufacturing experiences to our clients, and having prepared for the production of products with quality assurance and price competitiveness, we will actively promote our company to secure additional orders with major clients currently under discussion."