(From left) Yakin Medic Sdn Bhd general manager Charlize Tan, Patrick, Yusof and Yakin Splendour Global Holdings Bhd director Datuk Steven Lai during the meeting in Kuala Lumpur.
KUALA LUMPUR: Malaysia’s biotechnology and bio-based industries have emerged as crucial drivers of the country's economic development, playing a vital role in economic diversification and sustainable growth, according to the Science, Technology and Innovation Ministry (Mosti).
Deputy Science, Technology and Innovation Minister Datuk Mohammad Yusof Apdal highlighted the sectors' rapid expansion and their potential to evolve into key drivers of the national economy.
The government has set ambitious goals for these industries, targeting a RM2bil contribution to the country’s gross domestic product (GDP) by the end of 2024, with expectations to surpass that figure this year. This vision aligns with the National Biotechnology Policy 2.0, which aims to position Malaysia as a leading bioinnovation hub by 2030.
“These industries not only foster innovation and generate high-value employment but also enhance the country's competitiveness in crucial fields like healthcare, agriculture, and industrial biotechnology,” he said.
He reaffirmed the government’s strong support for the biotechnology sector through substantial financial aid and strategic initiatives.
He also underscored the importance of staying abreast of key industry trends, particularly for emerging biotech startups in Malaysia.
"We are proud of Yakin Medic Sdn Bhd, a homegrown biotech company making remarkable strides in stem cell therapies with ambitions for global expansion.
“Their commitment to innovation and excellence positions them to enhance Malaysia’s presence on the international stage and play a key role in our goal of becoming a leading bioinnovation hub by 2030. As the company prepares for its initial public offering (IPO), we extend our best wishes and full support for their future endeavours," he added.
Yusof is scheduled to meet with Yakin Medic founder Patrick Tan in Parliament to discuss the company’s future plans and its role in Malaysia’s biotech ambitions.
Founded in 2014, Yakin Medic has become a leading provider of advanced stem cell therapies in key Asian markets, including Malaysia.
The company’s commitment to innovation, operational excellence,and consistent revenue growth has earned it a strong reputation and established it as a global leader in stem cell therapeutics, boosting confidence among investors and stakeholders.
As a pioneer in regenerative medicine, Yakin Medic continues to explore advancements in cell therapies, aiming to support overall cellular health and wellness through innovative research and development.
With an established market presence, Yakin Medic is strategically poised for expansion into new territories.
To support this growth, the company plans to launch an initial public offering (IPO) on the Singapore Exchange (SGX) Catalist Board, targeted for the fourth quarter of 2025 or early 2026. The IPO is expected to raise approximately RM100mil, with RM70mil allocated to repurpose an existing factory site in Cyberjaya. The remaining funds will be directed toward overseas market expansion, strengthening research and development (R&D) initiatives and establishing satellite laboratories.
To facilitate the IPO process, Yakin Medic has partnered with Evolve Capital Advisory, a renowned boutique investment banking firm based in Singapore, as its sponsor and issue manager.
Furthermore, MCI Capital Sdn Bhd, a private equity firm managing RM250mil in assets, has been secured as the company’s cornerstone investor through the Asia IPO Fund, playing a crucial role in driving growth across multiple sectors.
Additionally, the company is considering a secondary listing on Malaysia’s ACE Market or the Nasdaq in the United States next year and is currently engaged in discussions with accounting firm Mazars to explore this dual listing opportunity.
Tan shared that the commissioning and development of Yakin Medic’s new manufacturing facility in Cyberjaya are projected to take over a year.
Currently operating from a smaller facility in Balakong, the company plans to move to the larger 40,000 sq ft site by mid-2027. Once operational, the new facility is expected to produce stem cells for 5,000 patients annually starting in 2027.
Reaffirming the company’s dedication to pioneering research, patient care and fostering global partnerships, Tan expressed confidence that Yakin Medic is well-positioned to drive advancements in regenerative medicine and broaden access to stem cell therapies worldwide.
