Green Cross Lab Cell and C&R Research Signs Joint Investment Agreement to Establish “GCCL”
Green Cross Lab Cell and C&R Research Signs Joint Investment Agreement to Establish “GCCL”
Seoul, Korea, July 25, 2019 — Green Cross Lab Cell (GC Lab Cell) held a joint investment agreement signing ceremony on July 24 with C&R Research, a Korea’s leading CRO, to establish a clinical trial sample analysis corporation.
The companies plan to establish the clinical trial sample analysis corporation GCCL this month and begin services in the fourth quarter. GCCL will be a subsidiary of GC Lab Cell, with GC Lab Cell and C&R Research as its major shareholders of 67% and 26.1%, respectively.
GCCL will serve as a central laboratory that analyzes biosamples (human biologicals such as blood, urine, etc.) from throughout clinical trial phases 1-4. A central laboratory is a type of institute in which samples from before and after clinical trials are examined and tested.
GC Lab Cell explained that its service area will be expanded due to the amendment of the Pharmaceutical Affairs Act in 2018, which now allows non-medical institutes to analyze biosamples. “The strategic partnership of the companies will improve our competence in the sample analysis market. We are planning to expand globally including China,” said a GC Lab Cell official. The sample analysis market shows promising potential, accounting for 17% of the Korean CRO market of size 500 billion KRW. The global market for sample analysis is expected to grow to 7 trillion USD (approximately 8,258 trillion KRW ) in 2021.
