๐Ÿ“Š raki research
๐Ÿงญ ๋น…๋ฐ”์ด์˜คํŒœ ์‹  modality โ†’ CMOยทCDMO ์ˆ˜์š”18์ข…๋ชฉ

๐Ÿงญ ๋น…๋ฐ”์ด์˜คํŒœ ์‹  modality โ†’ CMOยทCDMO ์ˆ˜์š”

horizon 1-3y ยท confidence HIGH ยท last_updated โ€”

L0 ๊ฑฐ์‹œ trend

ADCยท์ด์ค‘ํ•ญ์ฒดยท์„ธํฌ์น˜๋ฃŒยทmRNA ๋“ฑ ์‹  modality ๋‹ค์–‘ํ™”

L1 ์‚ฐ์—… ์ž„ํŒฉํŠธ

CMOยทCDMOยท์ž„์ƒ CRO

L2 ๋ณ‘๋ชฉ (Bottleneck)
  • GMP capacity ๋ถ€์กฑ (mAbยทADCยทviral vector)
  • ์ž„์ƒ ์ธ๋ ฅยทํ™˜์ž ๋ชจ์ง‘
  • ์ฝœ๋“œ์ฒด์ธยท๋ฌผ๋ฅ˜
L3 1์ฐจ ์ˆ˜ํ˜œ (Pure-play)
๐Ÿ‡ฐ๐Ÿ‡ท KR
์‚ผ์„ฑ๋ฐ”์ด์˜ค๋กœ์ง์Šค 207940 ์…€ํŠธ๋ฆฌ์˜จ 068270 ์…€ํŠธ๋ฆฌ์˜จํ—ฌ์Šค์ผ€์–ด 091990 SK๋ฐ”์ด์˜ค์‚ฌ์ด์–ธ์Šค 302440
๐ŸŒ Global
Lonza LONN.SW Catalent CTLT WuXi Biologics 2269.HK
L4 2์ฐจ ์ˆ˜ํ˜œ (Picks & Shovels)
๐Ÿ‡ฐ๐Ÿ‡ท KR
์—์Šคํ‹ฐํŒœ 237690 ๋ฐ”์ด๋„ฅ์Šค 053030 ์•Œํ…Œ์˜ค์   196170 ๋ ˆ๊ณ ์ผ๋ฐ”์ด์˜ค 141080
๐ŸŒ Global
Charles River Labs CRL IQVIA IQV ICON ICLR
L5 ์ƒํƒœ๊ณ„ (Ecosystem)
๐Ÿ‡ฐ๐Ÿ‡ท KR
๋ณด๋ น 003850
๐ŸŒ Global
Sartorius SRT.DE Danaher DHR Thermo Fisher TMO

๐Ÿ“š Sources

  • ์‚ผ์„ฑ๋ฐ”์ด์˜ค 6๊ณต์žฅ ๊ฐ€๋™ (Plant 6 - 2026E)
  • Lonza 2025 investor day โ€” capacity expansion plan
  • FDA 2025 BLA ์Šน์ธ trend (ADCยท์ด์ค‘ํ•ญ์ฒด ๋น„์œจโ†‘)

๐Ÿ“ Notes

ADCยท์ด์ค‘ํ•ญ์ฒด ์‹œ์žฅ 2030E $100B+. ํ•œ๊ตญ์€ CMOยท๋ฐ”์ด์˜ค์‹œ๋ฐ€๋Ÿฌ์— ๊ฐ•์ . ์•Œํ…Œ์˜ค์  ยท๋ ˆ๊ณ ์ผ ๊ฐ™์€ ์‹  modality ํ”Œ๋žซํผ์‚ฌ๋„ picks & shovels.