What ST Pharm does

ST Pharm Co., Ltd. (KOSDAQ: 237690) is a Seoul-headquartered, South Korea-based gene therapy CDMO specializing in oligonucleotide and xRNA (mRNA) contract development and manufacturing. Founded in 1983 as Samchully Pharmaceutical and operating as a subsidiary of Dong-A Socio Holdings since 2010, the company has 30+ years of process know-how in nucleoside APIs — historically the world's largest supplier of Thymidine for HIV/AIDS treatments supplied to GSK, BMS, Gilead, and Roche. Today ST Pharm operates an integrated platform spanning small molecule CDMO, oligonucleotide CDMO (claiming Global No.1 capacity at 6.4 mole scale in 2022, expanding to 14.0 mole by 2026), and mRNA CDMO (1.0 kg/year at Banwol Campus), anchored by proprietary SMARTCAP® mRNA capping technology patented in China and Japan.

The company makes money through B2B contract manufacturing fees, multi-year oligonucleotide and mRNA API supply contracts with global pharmaceutical and biotech clients, and CRO services in non-clinical animal safety assessment and histopathology via wholly-owned subsidiaries AnaPath Services (Basel, Switzerland) and AnaPath Research (Barcelona, Spain). Additional revenue streams include platform-based biotech development through US subsidiaries LEVATIO (San Diego) and VERNAGEN (Atlanta), focused on mRNA, CAR-NKT, and circ-RNA technologies. ST Pharm markets through direct enterprise sales, major industry conferences (BIO USA, TIDES, DCAT), and a public-company IR program.

Manufacturing operations span the Sihwa Campus (R&D, QA/QC, Plant 6, pilot-scale oligo plant; 286,100 L reactor capacity) and the Banwol Campus (commercial-scale 1st and 2nd oligo plants, mRNA plant, Innovation Center; 139,000 L reactor capacity). ST Pharm holds cGMP certifications from FDA, EDQM, WHO, ANVISA, PMDA, TGA, HPRA, and EU authorities, positioning it as a qualified alternative-CDMO partner for global pharma clients seeking supply chain diversification from Chinese manufacturers. 2025 revenue reached 331.6 billion KRW (+21.1% YoY), operating profit nearly doubled year-over-year, and the order backlog exceeded 400 billion KRW as of June 2025.

Name

ST Pharm

Legal name

ST Pharm Co., Ltd.

Website

https://stpharm.co.kr

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

51–100 employees

Short description

ST Pharm is a South Korea-based gene therapy CDMO specializing in oligonucleotide, mRNA, and small molecule API manufacturing for global pharmaceutical and biotech clients, with integrated CRO services via European subsidiaries and US-based mRNA platform biotechs.

Ownership category

akta.pro rank

Product category

Pharmaceutical CDMO / API Manufacturing

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

mRNA/LNP & Nucleic Acid Therapeutics CDMO (HLAGABAF)

akta.pro secondary industries

Small-Molecule API & Intermediates CDMO (HLAGABAA), Drug Substance–Drug Product Integrated CDMO (HLAGABAG), Small-Molecule CMC Documentation & Regulatory Support (DMF/CMC) (HLAGAHAM)

Keywords

• Oligonucleotide CDMO services
• MRNA contract manufacturing
• Active pharmaceutical ingredients
• Gene therapy manufacturing
• CGMP API production

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Infrastructure, Personnel, Operations

Revenue model

1. CDMO Contract Manufacturing Services: ST Pharm generates revenue primarily through contract development and manufacturing services for pharmaceutical clients. This includes small molecule APIs, oligonucleotide APIs, and mRNA-based therapeutics. Revenue is project-based with multi-year supply contracts.
2. Oligonucleotide API Supply: Supply of oligonucleotide active pharmaceutical ingredients for clinical trials (Phase III) and commercial-scale production. The $56 million contract with a US biotech for severe hypertriglyceridemia therapy represents approximately 30% of 2024 consolidated sales.
3. R&D Services: Non-clinical animal safety CRO services through subsidiaries AnaPath Services (Switzerland) and AnaPath Research (Spain), and virtual R&D collaboration.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

ST Pharm is a technology-driven gene therapy CDMO providing contract development and manufacturing services for small molecule APIs, oligonucleotide-based therapeutics, and mRNA vaccines and therapeutics. The company operates cGMP-certified manufacturing facilities in South Korea and offers integrated services spanning API manufacturing through non-clinical animal safety assessment via its AnaPath CRO subsidiaries. Its portfolio includes proprietary SMARTCAP® mRNA capping technology and serves global pharmaceutical clients with multi-year supply contracts.

Product overview

ST Pharm is a technology-driven gene therapy CDMO (Contract Development and Manufacturing Organization) offering integrated services from oligonucleotide to xRNA therapeutics. The company provides Small Molecule CDMO, Oligonucleotide CDMO, and mRNA CDMO services alongside CRO services through AnaPath (non-clinical animal safety) and internal R&D capabilities. The portfolio spans the full value chain from API manufacturing to non-clinical services, positioning ST Pharm as a comprehensive partner for pharmaceutical development from early-stage research through commercial manufacturing.

Differentiator

Problem solved

Functional benefit

Products and services

• Small Molecule CDMO Contract development and manufacturing services for small molecule active pharmaceutical ingredients (APIs), providing cGMP manufacturing from development stage to commercial scale. Includes nucleoside APIs such as Zidovudine, Atazanavir, and Telbivudine for global pharma clients including Gilead, BMS, Roche, and Novartis.
• Oligonucleotide CDMO Specialized manufacturing services for oligonucleotide-based therapeutics with synthesis and production at multiple scales (0.016 mole small scale, 0.4 mole mid-scale, and 300 mmol+ large scale). ST Pharm claims global No. 1 oligonucleotide CDMO capacity at 6.4 mole scale as of 2022, with planned expansion to 14.0 mole by 2026.
• mRNA CDMO Contract development and manufacturing services for mRNA therapeutics and vaccines, including mRNA synthesis and LNP (lipid nanoparticle) components. Includes proprietary SMARTCAP® mRNA capping technology (patented in China and Japan) used in mRNA vaccine and therapeutic development. Mid-scale GMP facility at Banwol Campus operates at 1.0 kg/year capacity.
• AnaPath Research & Service Non-clinical animal safety assessment and histopathology services provided through subsidiaries AnaPath Services (Basel, Switzerland) and AnaPath Research (Barcelona, Spain). Supports regulatory-compliant toxicology studies as part of integrated drug development workflows.
• Virtual R&D Virtual research and development services for drug discovery and development, enabling collaboration-based R&D partnerships with pharmaceutical clients.
• Global R&D Global research and development services including collaborations with international partners and liaison through US subsidiary STP America Research (STAR) in Delaware for connecting global R&D institutions and academies.

Quantifiable outcome

• Order backlog increased approximately 30% quarter-over-quarter following $56M US oligo API deal
• +2 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core.

• Mokgam Life Sciences Research InstitutecoreStrategic or Co-development Partner · 19 June 2026ST Pharm signed a joint research agreement with Mokgam Life Sciences Research Institute for AI-based mRNA design and optimization technology collaboration. This partnership strengthens ST Pharm's capabilities in next-generation mRNA therapeutic development.
• CEPIcoreStrategic or Co-development Partner · 9 December 2025Korea's leading scientific organizations including KDCA, IVI, ST Pharm, and Seoul National University are collaborating with CEPI to develop an AI-designed mRNA vaccine for the SFTS virus, a tick-borne disease affecting Asia. The $16 million project aims to test the vaccine's safety and immune response in clinical trials in Korea.
• Multiverse PharmacoreStrategic or Co-development Partner · 23 February 2021ST Pharm signed a joint research deal with US-based Multiverse Pharma for mRNA platform technology co-development to develop antibody alternatives. This partnership leverages ST Pharm's CDMO capabilities with Multiverse Pharma's therapeutic platform.
• VernagencoreStrategic or Co-development PartnerVernagen is an mRNA Vaccines & Therapeutics-based biotech company headquartered in Atlanta, USA. It is a platform-based subsidiary focused on developing mRNA-based vaccines and therapeutics.
• LEVATIOcoreStrategic or Co-development PartnerLEVATIO is a platform-based biotech headquartered in San Diego, USA, focused on mRNA, CAR-NKT, and circ-RNA R&D. Established by ST Pharm in 2021 as part of its mRNA business expansion.
• AnaPath ServicescoreStrategic or Co-development PartnerAnaPath Services is a CRO subsidiary based in Basel, Switzerland, providing histopathology services. Acquired in 2019 as part of ST Pharm's non-clinical CRO expansion.
• AnaPath ResearchcoreStrategic or Co-development PartnerAnaPath Research is a CRO subsidiary based in Barcelona, Spain, providing non-clinical animal safety assessment services. Acquired in 2019 to expand ST Pharm's integrated drug development service offerings.
• STP America Research (STAR)coreStrategic or Co-development PartnerSTP America Research (STAR) is ST Pharm's US headquarters based in Delaware, USA. It serves as a liaison office connecting global R&D institutions and academies with ST Pharm's capabilities.
• Dong-A Socio HoldingscoreOthersST Pharm is the active pharmaceutical ingredient subsidiary of Dong-A Socio Holdings. The company became part of the Dong-A Socio Group in 2010 and operates under its umbrella.

Scale indicators9 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Eurofins CDMO: Eurofins CDMO offers small molecule API and oligonucleotide manufacturing services to global pharma clients. It is a comparable CDMO peer, particularly in mid-scale oligonucleotide API production.
• WuXi STA (WuXi AppTec): WuXi STA is the CDMO arm of WuXi AppTec and one of the largest small molecule and oligonucleotide API manufacturers globally. As a leading China-based CDMO, it is a direct competitor — though ST Pharm's positioning as a non-China alternative is increasingly relevant under Biosecure Act dynamics.
• Asymchem Laboratories: Asymchem is a major China-based small molecule and oligonucleotide/peptide CDMO serving global pharmaceutical clients. It is a direct peer in API manufacturing services with comparable scale and end-markets.
• Nitto Denko Avecia: Avecia is one of the leading oligonucleotide and nucleic acid CDMOs globally, with significant commercial-scale manufacturing capacity. It is a direct competitor to ST Pharm in oligonucleotide API manufacturing for therapeutic applications, serving similar biotech and pharma clients.

Broad incumbents

• AGC Biologics: AGC Biologics (a subsidiary of Asahi Glass) is a global CDMO offering small molecule, oligonucleotide, and biologics manufacturing. It competes with ST Pharm across multiple CDMO service lines as part of a broader portfolio.
• Ajinomoto Bio-Pharma Services: Ajinomoto Bio-Pharma Services is a Japan-headquartered CDMO offering small molecule and oligonucleotide API manufacturing services. It is a comparable CDMO serving global pharma clients with similar regulatory-grade capabilities.
• Samsung Biologics: Samsung Biologics is a Korean CDMO primarily focused on biologics manufacturing with growing oligonucleotide and synthetic molecule capabilities. As a fellow Korean-listed CDMO, it is a broad incumbent competing for similar global pharma clients.
• Thermo Fisher Scientific (Patheon CDMO): Thermo Fisher's Patheon CDMO business offers comprehensive small molecule and biologic manufacturing services globally. It is a broad incumbent serving many of the same global pharma clients as ST Pharm.
• Lonza Group: Lonza is the world's largest CDMO with broad capabilities across small molecules, biologics, and cell/gene therapies. It competes with ST Pharm in oligonucleotide and small molecule API manufacturing as part of a much wider service portfolio.

Emerging players

• PharmaBlock Sciences: PharmaBlock is a China-headquartered CDMO specializing in small molecule APIs, building emerging capabilities in oligonucleotide and peptide manufacturing. It is an emerging peer with partial overlap in target customers and chemistry-based CDMO services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ST Pharm