Genexine Inc., South Korea’s largest biotech company with a market value of $2.5 billion, has teamed up with a Thai public-private consortium to establish KinGen Biotech, a manufacturer of oncology drugs and DNA vaccines for cervical cancer.

KinGen is targeting annual sales of $250 million by 2026. “The BOI is very supportive of our project,” Genexine’s Chief Financial Officer, Kim Kyu Don, says. “Our sales goal is ambitious but also very feasible.”

KinGen aims to use Thailand as a research and development hub, as well as production base for Southeast Asia, the Middle East, Africa, Latin America and Russia. “Thailand’s medical sector has big potential,” Kim added. “We want to transfer technology to help it develop further.”