Cha Medical and Bio Group has officially begun the construction of Cell Gene Biobank, which is expected to be world’s largest single facility in the business of contract development and manufacturing organization for cell and gene therapy, the company said Wednesday.

According to the company, it has invested 300 billion won ($248 million) into building CGB that features 10 stories above ground and four below ground to cover a total floor area of 66,115 square meters in Pangyo, Gyeonggi Province. The construction is scheduled to be completed by the end of 2024.

The company said the facility’s CDMO services will be able to produce all three of mRNA, viral vectors and plasmid DNA with each floor capable of producing different products. CGB will also include an advanced stem cell biobank that will be designed to store various cell types including stem cells, natural killer cells, sperm and egg cells and cord blood.

“Cell and gene therapy development and production requires extensive expertise and highly specialized equipment when compared to other biologics with more established manufacturing processes, such as antibodies,” said Cha Kwang-yul, global research and innovation leader at Cha Medical and Bio Group.

“We believe that CGB will function as the leading cell and gene therapy manufacturing hub of Asia, incorporating Cha Biotech’s long history and in-depth knowledge of cell therapy R&D and manufacturing process technology,” Cha said.