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Korea also makes cell culture meat...DAESANG -Xcell Therapeutics signs business agreement for culture meat media business
2021.06.02
Korea also makes cell culture meat...DAESANG -Xcell Therapeutics signs business agreement for culture meat media business
Alternative meats made from stem cell cultures
Co-Development Goals by 2023
Solve the problem of environmental pollution and resource waste
Strategic alliances in preparation for full-scale commercialization of cultured meat
Expected to create synergy between large companies and venture firms
DAESANG is preparing for the commercialization of cultured meat through strategic alliances with venture companies. DAESANG (CEO Lim Jeong-bae), an integrated food company, and Xcell Therapeutics (CEO Lee Yi-il), a leading culture medium company, announced on the 2nd that they have signed a strategic partnership agreement for the cultured meat medium business. Media refers to nutrients for cultivation of microorganisms.
The two companies plan to secure market competitiveness by realizing dramatic manufacturing cost reduction and safety of cultured meat media with Xcell Therapeutics' culture medium manufacturing technology and DAESANG's global sales network and biomaterials business capabilities. The joint development will be completed by 2023, and full-scale sales will begin at the end of 2023.
Through this business agreement, the two companies plan to actively respond to the growing domestic and international cultured meat market. According to global consulting firm Athenaeus, cultured meat is expected to replace about 10% of global meat consumption in 2030. In monetary terms, this amounts to about 140 trillion won.
"We believe that this agreement will help us explore the advanced bio market through collaboration with an innovative cell culture company," said Lim Jeong-bae, CEO of DAESANG. "By fusing and maximizing the strengths of both companies, we will lead to practical results in the field of cultured meat."
"This agreement is more meaningful as it is in line with the government's policy of fostering domestic small and medium-sized enterprises and securing technological sovereignty through matching demand and supply companies," said Lee Yi-il, CEO of Xcell Therapeutics. "We will do our best to create a successful cooperation model between Korea's leading general food companies and technology-based ventures." Meanwhile, Xcell Therapeutics is the first company in the world to develop Serum-Free Chemically Defined Media for hMSC, which complies with GMP, a standard for manufacturing and quality control of pharmaceuticals, and has been recognized for its media technology both domestically and abroad. Recently, the company was awarded the New Excellent Product certification, the most prestigious certificate issued by the Korean government.