HLB bioStep acquires GLP toxicology testing firm Croen
HLB bioStep, a Korean non-clinical CRO, said Friday that it has acquired Croen, a company specializing in GLP (Good Laboratory Practice) toxicity testing.
Through this acquisition, HLB bioStep will provide integrated nonclinical services for drug development by securing the capability to conduct various GLP toxicity tests, including general toxicity, immunotoxicity, genotoxicity, and topical toxicity, in addition to its existing validation services.
Croen, which was spun off from Seoul National University in 2009, holds GLP certifications for 20 test items of various government ministries, including the Ministry of Food and Drug Safety and the Ministry of Environment. In addition, the company is actively preparing to secure safety pharmacology testing and additional GLP toxicology testing capabilities.
Based on its strong funding power, HLB bioStep plans to invest in large-scale facilities and strengthen its professional staff to establish itself as the best GLP toxicology CRO in Korea within a short period, the company said.
In addition, global marketing based on the Cambridge Innovation Center (CIC) in Boston, U.S., recently opened by the HLB Group, will also be in full swing, it added.
Kangstem Biotech, Croen's existing largest shareholder, will hand over its largest shareholder status to HLB bioStep. As the second largest shareholder, Kangstem Biotech will cooperate closely with HLB bioStep and Croen to increase corporate value.
HLB bioStep said it would also work closely with Kangstem Biotech, a stem cell research and development company, to build a drug safety and efficacy evaluation platform based on skin organoid and pancreatic organoid technologies and commercialize the testing services in earnest.
In addition, the company will mobilize its capabilities to develop organoid regenerative therapeutics produced using organoids into pharmaceutical products.
"With the availability of one-stop services from efficacy to GLP toxicity testing, we will rapidly expand our domestic market share through aggressive marketing activities,” HLB bioStep CEO Moon Jeong-hwan said. “We will also strengthen innovation in animal substitution test technology development with this strategic acquisition to prepare for the company's future and open a new horizon for nonclinical testing in Korea."