ST Pharm has struck a deal with an undisclosed U.S.-based biotech to produce active pharmaceutical ingredients (APIs) for an upcoming oligonucleotide-based treatment.
The Korean CDMO revealed the contract Friday in a regulatory filing.
The agreement nets ST 82.5 billion Korean won ($56 million) to produce raw materials for an upcoming oligonucleotide asset for severe hypertriglyceridemia and runs from Jan. 22 to Dec. 18 of this year, according to the filing.
The deal is significant for the 43-year-old manufacturer as the amount ST won is equal to 30% of its revenue from its most recent fiscal year—274 billion won ($187 million) in 2024.
Specializing in the production of oligonucleotides, ST Pharm is well positioned for growth. The company has responded to increased demand for the RNA snippets by establishing its second oligonucleotide production facility last year, according to local news outlet Korea Biomedical Review. Oligonucleotides are used as synthetic building blocks for treatments that modulate gene expression.
The oligonucleotide market, which stood at $10.5 billion in 2025, is projected to grow to $24.7 billion by 2030, according to MarketsandMarkets Research.
Multiple approved oligonucleotide-based therapies have already hit the market via companies like Alnylam and Biogen.
Meanwhile, Ionis and Arrowhead both recently scored FDA approvals for the oligonucleotide-based therapies Tryngolza and Redemplo, respectively, in the genetic high triglyceride condition familial chylomicronemia syndrome. Arrowhead has said it is further developing its small interfering RNA therapy Redemplo in severe hypertriglyceridemia, while APOC-III-directed antisense oligonucleotide Tryngolza won an FDA breakthrough tag in the indication in December.