COMPANY PROFILE / CELL CULTURE TECHNOLOGY
Ajinomoto
An amino acid company that feeds antibody and iPS cells, and has bought its way into gene therapy manufacturing
Ajinomoto is best known for seasonings, but its Healthcare and Others business has been making cell culture media for more than 30 years. Its powder medium for the CHO cells that produce antibody drugs, CELLiST, is made by a subsidiary in South Korea, and its liquid medium for iPS cells, StemFit, was co-developed with the Center for iPS Cell Research and Application (CiRA) at Kyoto University. In 2023 it also bought the U.S. gene therapy CDMO Forge Biologics for about US$554 million (about ¥82.8 billion), entering contract manufacturing of viral vectors, which are produced in cells. This profile keeps the food business to a minimum and, using only Ajinomoto's annual securities report, Factbook, business briefing materials and official releases, sets out what the company is putting into media and cell culture-related businesses, who it works with and what it is aiming for.
- Ajinomoto in 30 seconds, and where it stands in cell culture
- The logo and how the name is written
- Where the company sits in the cell culture landscape
- Scale (the food business in brief)
- Resources committed to cell culture
- What it has done so far
- What comes next
- What the company is aiming for in cell culture
- Map of cell culture partnerships
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Ajinomoto in 30 seconds, and where it stands in cell culture
Tokyo, Japan1-15-1 Kyobashi
Prime 2802Group revenue of ¥1,583.7 billion (year to March 2026)
CDMO (secondary)Media first; contract manufacture of gene therapy vectors second
Companies involved in cell culture fall into three broad types: contract development and manufacturing organisations (CDMOs), suppliers of equipment and media, and developers of cell therapies. Ajinomoto's main type is supplier (media) and its secondary type is CDMO Sourced. It is involved in both meanings of "cell culture". (1) For producing biopharmaceuticals such as antibodies, it sells CELLiST, a powder medium for CHO cells. (2) For regenerative medicine, where the cells themselves are the product, it sells StemFit, a liquid medium for iPS and ES cells, together with growth factors. Its CDMO work splits in two: contract manufacturing of small molecules, nucleic acid drugs and the like, handled by Omnichem in Belgium and others (this does not involve culturing animal cells), and contract manufacturing of AAV vectors for gene therapy, handled by Forge Biologics. Only the latter involves cell culture. What links the two is Ajinomoto's know-how in designing media as an amino acid maker; in 2025 it worked with Forge to develop a media supplement that raises vector yield by up to about two times.
2. The logo and how the name is written
The Ajinomoto logo is a registered trademark of the company. We have not recreated it with generated imagery;
the image shown in the header of the corporate website is placed here as img/ajinomoto_logo.png
(this version carries the global slogan "Eat Well, Live Well." above the logo).
A note on names: the legal entity is Ajinomoto Co., Inc. The South Korean media subsidiary changed its name from Ajinomoto Genexine to Ajinomoto CELLiST Korea in November 2023, so older documents use the former name. The legal name of the gene therapy CDMO is Forge Biologics Holdings, LLC; the Japanese annual securities report refers to it by a phonetic Japanese rendering of "Forge Biologics".
Official site: https://www.ajinomoto.co.jp/company/jp/3. Where the company sits in the cell culture landscape
4. Scale (the food business in brief)
Across the company, seasonings and foods bring in the most revenue; the businesses involved in cell culture are part of the "Healthcare and Others" segment Sourced.
| Ajinomoto Co., Inc. (consolidated) | Year to March 2026 |
|---|---|
| Revenue | ¥1,583.7 billion (103.5% of the previous year) |
| Business profit | ¥181.1 billion |
| Employees | 34,787 (31 March 2026; 5,219 of them in Healthcare and Others) |
| Revenue by segment | Seasonings and Foods ¥936.9 billion / Frozen Foods ¥290.3 billion / Healthcare and Others ¥341.5 billion / Other ¥14.9 billion |
| Healthcare and Others breakdown (revenue from external customers, ¥ billion) | Year to March 2025 | Year to March 2026 | Link to cell culture |
|---|---|---|---|
| Amino acids for pharmaceuticals and foods | 58.3 | 63.2 | Includes media (CELLiST and StemFit). The figure for media alone is not disclosed |
| Biopharma services (CDMO) | 89.3 | 84.9 | Includes Forge Biologics (gene therapy), as well as contract manufacturing of small molecules and nucleic acid drugs |
| Functional materials (electronic materials, etc.) | 76.6 | 100.8 | ABF and other products. Unrelated to cell culture |
| Other | 104.2 | 92.7 | Personal care ingredients and more |
| Healthcare and Others, total | 328.4 | 341.5 | Business profit of ¥66.2 billion (year to March 2026, 145.1% of the previous year) |
Ajinomoto does not disclose revenue from media on its own Not yet confirmed. Media are included in the ¥63.2 billion for "amino acids for pharmaceuticals and foods", together with amino acids for infusions and other products. In its 2014 release on the development of StemFit, the company wrote that it "aims for global sales of ¥40 billion from media for regenerative medicine in 2025", but none of the primary sources we checked says whether that target was met. At the 2023 business briefing, the company gave revenue for the media business (CELLiST and StemFit combined) only as an index: "more than eight times in FY2030, with FY2020 set at 100". Revenue for the gene therapy CDMO (Forge) is not disclosed separately either.
5. Resources committed to cell culture
The table shows, for people, money, outside investments and acquisitions, and academic ties, whether each could be confirmed from primary sources.
| Type of resource | What it is | Confirmed? |
|---|---|---|
| People and sites | 5,219 employees in Healthcare and Others (31 March 2026). Media R&D at the Research Institute for Bioscience Products & Fine Chemicals in Kawasaki; biopharmaceutical media made in South Korea (Ajinomoto CELLiST Korea); regenerative medicine media made in Japan; customer support centres in South Korea, China, India and the U.S. The number of people working on media or gene therapy is not disclosed | Sites confirmed; headcount not confirmed |
| Money (R&D) | R&D spending in Healthcare and Others of ¥11,292 million (year to March 2026). The share for media is not disclosed | Partly confirmed |
| Money (capital expenditure) | Capital expenditure in Healthcare and Others of ¥27,833 million (year to March 2026; mainly "expansion of pharmaceutical production facilities, etc."). The share for media and Forge is not disclosed | Partly confirmed |
| Acquisitions | In July 2023, acquired Genexine's 25% stake in the South Korean media subsidiary, making it wholly owned. In December 2023, acquired all interests in Forge Biologics for about US$554 million (about ¥82.8 billion) | Confirmed |
| Start-up investments | In June 2025, through its corporate venture capital arm (Ajinomoto Group Ventures), invested in Somite Therapeutics of the U.S., which uses AI to optimise iPS cell differentiation. It also holds 172,400 shares in Heartseed, described as "an important customer and co-development partner" of its regenerative medicine media business (carried at ¥298 million on the balance sheet at the end of March 2026) | Confirmed |
| Universities and research institutes | Joint research on media with Kyoto University's CiRA since 2011, leading to the co-development of StemFit AK03 in 2014. The 2023 business briefing materials say CiRA uses StemFit to make and distribute its iPS cell stock | Confirmed |
Ajinomoto's two media differ even in form. CELLiST, for antibody production, is a powder medium used in large quantities in bioreactors of around 2,000 L. StemFit, for iPS cells, is a liquid medium used in flat culture and in small-scale culture of up to about 10 L Sourced. With powder media, quality is decided by powder technology: blending dozens of raw materials, in amounts from milligrams to kilograms, evenly. The 2023 business briefing materials describe manufacturing at the South Korean subsidiary as a sequence of weighing, powdering, multi-stage blending and packaging.
StemFit, by contrast, contains no components of animal or human origin; it is built only from proteins made by genetic engineering (recombinant proteins) and purified components. Because it uses no serum, it reduces the biological uncertainty that causes lot-to-lot variation. The company announced in 2014 that a face-to-face consultation with the PMDA (Japan's drug and medical device regulator) had confirmed that it contains no raw materials subject to Japan's Standards for Biological Ingredients Sourced. A company that mass-produces amino acids by fermentation also makes the growth factors (proteins) with its own fermentation technology, so it supplies almost all of the medium's contents in house. That can be read as what sets it apart from other media makers Not yet confirmed.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| 1987 | Launched the "ASF (Ajinomoto Serum Free) medium" series, Japan's first serum-free media, entering the media business | The starting point of the media business |
| 1989 | Acquired Omnichem of Belgium, entering the CDMO business in earnest | Contract manufacturing of small-molecule drugs (not animal cell culture) |
| 2011 | Began joint research on iPS cell media with Kyoto University's CiRA | The origin of StemFit |
| November 2012 | Set up Ajinomoto Genexine in Incheon, South Korea | Production base for biopharmaceutical media |
| February 2014 | Developed StemFit AK03, free of animal- and human-derived components, jointly with CiRA; supply to Healios also announced | A medium for iPS cell-based regenerative medicine |
| 2014 | Began supplying biopharmaceutical media made under cGMP from its own South Korean plant | Manufacture and sale of custom media |
| October 2015 | StemFit AK02N for basic research sold in Japan through ReproCELL and Takara Bio | Wider use among researchers |
| August 2016 | Launched StemFit AK03N for clinical research in Japan (¥45,000 per set of about 500 mL, excluding tax). In September the same year, launched Basic02 for basic research in the U.S. | Full-scale supply for clinical research |
| March 2018 | Launched the new biopharmaceutical brand CELLiST (releases in 2022 and 2025 say the brand has been used "since 2017") | The brand established |
| September 2022 | Partnership with JSR. Took over the composition of a medium optimised for JSR's CHO-M cell line and commercialised it as "CELLiST BASAL CHO MX" | A sales channel into Western markets |
| July / November 2023 | Acquired Genexine's 25% stake, making the subsidiary wholly owned and renaming it Ajinomoto CELLiST Korea. In November, launched CELLiST F7, which uses cysteine stabilisation technology | The media subsidiary fully in Ajinomoto's hands |
| December 2023 | Acquired all interests in the U.S. gene therapy CDMO Forge Biologics | Entry into contract manufacturing of viral vectors |
| May / August 2024 | Expanded the JSR partnership, selling seven products in Europe, the U.S. and Brazil as well. Opened a customer support centre in India | Overseas expansion of media |
| June 2025 | Invested in Somite Therapeutics of the U.S. (AI optimisation of iPS cell differentiation) | A new outlet for know-how from the media and CDMO businesses |
| November / December 2025 | Working with Forge, developed a media supplement that raises AAV vector productivity by up to about two times. In December Ajinomoto CELLiST Korea launched it worldwide as "CELLiST AAV Production Supplement 1" | The first product of synergy between media and CDMO |
| April 2026 | Announced a new technology using hinokitiol, a plant-derived ingredient, to lower the cost of media for cell-based food (cultivated meat) | Expansion into cell culture beyond medicine |
7. What comes next
FY2020 by FY2030The company's outlook at the 2023 business briefing (index only)
and solutions"Evolving into a service and solution business for media and advanced medical materials"
within a few yearsHinokitiol technology. Patent pending
in FY2026Whole company. Share for media and Forge not disclosed
When it announced the Forge acquisition in 2023, Ajinomoto gave two aims: improving productivity and quality by supplying optimised media based on its patented technology, and entering the cell therapy field using Forge's know-how in manufacturing gene therapies Sourced. With the development and launch of the media supplement, the first of these has already taken shape.
None of the following appears in primary sources Not yet confirmed.
Revenue and profit of the media business; whether the 2014 target of "¥40 billion in sales of regenerative medicine media in 2025" was met; Forge's revenue, order backlog and production capacity; when and how the company will enter cell therapy; what is being co-developed with Heartseed; and how many approved products use StemFit. Market sizes for media and gene therapy quoted in the company's releases (research-firm estimates) are not used in this article.
8. What the company is aiming for in cell culture
This section goes beyond what the company says directly. It sets out inferences that can be drawn from primary sources, each with its basis.
| What can be read | Primary evidence behind it | Category |
|---|---|---|
| It wants media to become the second pillar of the amino acid business | In the 2022 release on the JSR partnership, a company executive called it "an important measure to grow the media business into the second pillar of the amino acid business" | Sourced |
| It is building a model in which media and CDMO feed each other inside the group | The AAV supplement developed with Forge was sold externally by the media subsidiary. When it bought Forge, the company named "supplying optimised media" as one aim | Inference |
| StemFit is a product that, once built into a customer's manufacturing process, is hard to displace | The 2023 business briefing materials say "a medium built into a manufacturing process stays the same, whatever the manufacturing scale or whoever the developer" | Sourced |
| Sales of regenerative medicine media track the progress of clinical development of iPS cell therapies | The same materials say "media use increases as clinical development progresses", and the company holds shares in Heartseed as an important customer | Inference |
| Contract manufacturing of cell therapies themselves has not yet started | At the Forge acquisition it named "entry into the cell therapy field" as a possibility, but no primary source since has announced such an entry | Inference |
The 2023 business briefing materials describe StemFit's place as follows. CiRA uses StemFit to make its iPS cell stock and distributes it to researchers and drug companies; the same medium is then used in the expansion and differentiation steps that follow; and a medium, once built into a manufacturing process, does not change even as development passes from a university to a start-up and then to a drug company Sourced. For regenerative medicine products, changing a raw material in an approved manufacturing process after the fact is not easy. Our reading is that what Ajinomoto is after with StemFit is not so much sales volume as a supplier's seat that lasts as long as each approved iPS cell therapy stays on the market Not yet confirmed. Seen this way, the 2014 target of "¥40 billion in 2025" must have assumed that iPS cell therapies would reach patients quickly, and the fact that progress against it has not been disclosed is itself a piece of information.
9. Map of cell culture partnerships
10. Technologies, products and services
| Product or service | For | What primary sources say |
|---|---|---|
| CELLiST (powder media) | Antibodies and other products made in CHO cells | Basal media, feed media and supplements. F7 uses cysteine stabilisation technology to deliver high-concentration cysteine in a single formulation. Support for optimising media composition and culture conditions using digital twins and AI. Contract manufacture of custom media under cGMP |
| StemFit (liquid media) | Maintaining iPS and ES cells undifferentiated and expanding them | Free of animal- and human-derived components; made of recombinant proteins and purified components. AK03N for clinical research, AK02N and Basic02 for basic research, and others |
| StemFit Purotein (growth factors) | Differentiating iPS and ES cells | Made with the company's own fermentation technology. GMP-compliant Activin A and bFGF (as of 2023) |
| CELLiST AAV Production Supplement 1 | Producing viral vectors for gene therapy | Developed with Forge. Raises AAV vector yield by up to about two times (under the company's culture conditions) |
| Gene therapy CDMO (Forge) | AAV vectors and plasmid DNA | High-purity, high-yield AAV vector manufacturing. The company says Forge has some of the largest bioreactors in the world for AAV production |
Cysteine is an amino acid essential to cell growth and antibody production, but it oxidises easily in solution and is hard to keep dissolved at high concentration alongside other components. Until now, therefore, cysteine had to be added to the process separately from the feed medium. CELLiST F7 is described as using Ajinomoto's cysteine stabilisation technology to deliver high-concentration cysteine to cells, combined with the feed medium in a single formulation Sourced. One fewer input to the process saves effort on the production floor, and also reduces opportunities for dosing errors and contamination Not yet confirmed. This is a product that only a company used to handling the chemistry of amino acids, not just making them, could produce, and it underpins the media-CDMO synergy discussed in section 8.
11. The risks this company carries
| Risk | Substance | Category |
|---|---|---|
| Impairment of goodwill on Forge | Goodwill allocated to the gene therapy CDMO was ¥42,095 million (end of March 2026). The headroom in the impairment test (recoverable amount minus carrying amount) was ¥18,439 million, and the annual securities report states explicitly that an impairment could arise if the discount rate rose by 1.4 percentage points. The discount rate applied rose from 16.7% in the previous year to 18.7% | Sourced |
| Falling CDMO revenue | Biopharma services (CDMO) revenue fell from ¥89.3 billion to ¥84.9 billion (year to March 2026). Forge's own results are not disclosed | Sourced |
| Pace of regenerative medicine reaching patients | Demand for StemFit tracks the progress of customers' clinical development of iPS cell therapies. Progress against the 2014 sales target has not been disclosed | Inference |
| Media results invisible from outside | Media revenue and profit are included in "amino acids for pharmaceuticals and foods" and are not disclosed separately | Not yet confirmed |
| Dependence on particular customers and investees | The company holds shares in Heartseed as an important customer of the regenerative medicine media business. Heartseed's development progress and share price affect both this business and the value of the holding | Inference |
12. Glossary
- Culture medium
- A liquid or powder containing the nutrients cells need. See our explainer on cell culture media for more.
- Serum-free medium
- A medium in which cells can be grown without adding bovine or other serum. Its components are well defined and lot-to-lot variation is small.
- CHO cells
- Cells derived from Chinese hamster ovary. The most widely used cells for producing antibody drugs.
- iPS cells
- Stem cells made from ordinary body cells that can turn into many different cell types. See our explainer on iPS cells for more.
- AAV vector
- A carrier based on adeno-associated virus, modified to deliver a therapeutic gene into cells.
- Growth factor
- A protein that signals cells to grow or differentiate, such as Activin A or bFGF.
- CDMO
- A company that develops manufacturing processes for drugs and manufactures them under contract. See our explainer on CDMOs for more.
- Goodwill
- The part of an acquisition price that exceeds the acquired company's net assets. It is written down (impaired) if the expected future earnings no longer materialise.
13. References
- Ajinomoto Co., Inc. Annual securities report for the year to March 2026 (in Japanese): head office address, listing, revenue, business profit, segment results, revenue by product category, headcount, R&D spending, capital expenditure, R&D activities (media business, Forge), history, group companies, strategic shareholdings (Heartseed) and the goodwill impairment test. https://www.ajinomoto.co.jp/company/jp/ir/library/securities/main/06/teaserItems1/0/linkList/03/link/FY25Q4_annual%20Securities%20Report_J.pdf
- Ajinomoto Co., Inc. Factbook 2026 (in Japanese): overview of Healthcare and Others, media production and research sites, CDMO modalities and timeline. https://www.ajinomoto.co.jp/company/jp/ir/library/factbook/main/00/teaserItems1/00/linkList/0/link/Factbook%202026_J.pdf
- Ajinomoto Co., Inc. Business briefing materials, "Growth strategy for the culture media business for biopharmaceuticals and regenerative medicine" (in Japanese, 13 June 2023): positioning of CELLiST and StemFit, sites, growth factors and the media business outlook. https://www.ajinomoto.co.jp/company/jp/ir/event/business_briefing/main/011110/teaserItems1/01/linkList/00/link/4_Culture%20Media_J.pdf
- Ajinomoto Co., Inc. Press release "Development of StemFit AK03, a 'safer' medium for iPS cells" (in Japanese, 13 February 2014). https://www.ajinomoto.co.jp/company/jp/presscenter/press/detail/2014_02_13.html
- Ajinomoto Co., Inc. Press release "Domestic sales of StemFit AK03N, an iPS/ES cell medium for clinical research, to begin on 1 August 2016" (in Japanese, 29 July 2016). https://www.ajinomoto.co.jp/company/jp/presscenter/press/detail/2016_07_29.html
- Ajinomoto Co., Inc. Press release "Sales of StemFit Basic02, an iPS/ES cell medium for basic research, begin in the U.S." (in Japanese, 14 September 2016). https://www.ajinomoto.co.jp/company/jp/presscenter/press/detail/2016_09_14.html
- Ajinomoto Co., Inc. News release "Ajinomoto and JSR agree to collaborate on the global expansion of the biopharmaceutical media business" (in Japanese, 27 September 2022). https://news.ajinomoto.co.jp/2022/09/20220927.html
- Ajinomoto Co., Inc. News release "Ajinomoto Group to acquire U.S. gene therapy CDMO Forge Biologics for about ¥82.8 billion" (in Japanese, 13 November 2023). https://news.ajinomoto.co.jp/2023/11/20231113-05.html
- Ajinomoto Co., Inc. News release "Investment in Somite, a start-up developing an AI platform to optimise iPS cell differentiation processes" (in Japanese, 13 June 2025). https://news.ajinomoto.co.jp/2025/06/20250613-01.html
- Ajinomoto Co., Inc. News release "Development, in collaboration with Forge Biologics, of a media supplement that improves gene therapy productivity" (in Japanese, 14 November 2025). https://news.ajinomoto.co.jp/2025/11/20251114.html
- Ajinomoto Co., Inc. News release "New technology using a plant-derived ingredient helps cut the cost of media for cell-based food" (in Japanese, 16 April 2026). https://news.ajinomoto.co.jp/2026/04/20260416.html
- Ajinomoto CELLiST Korea Company news "Ajinomoto Genexine changes its name to Ajinomoto CELLiST Korea" (November 2023). https://www.ajinomotocellistkorea.com/en/company_news_en/40
- Ajinomoto CELLiST Korea Company news "Ajinomoto CELLiST Korea launches new cell culture medium for CHO cell lines 'CELLiST F7'" (posted January 2024; launched 1 November 2023). https://www.ajinomotocellistkorea.com/en/company_news_en/78
- Ajinomoto CELLiST Korea Company news "Expanding media products through Partnership with JSR Life Sciences" (May 2024). https://www.ajinomotocellistkorea.com/en/company_news_en/44
- Ajinomoto CELLiST Korea Company news "Ajinomoto CELLiST Korea Opens 'CELLiST Solution Center India' in Ahmedabad" (August 2024). https://www.ajinomotocellistkorea.com/en/company_news_en/79
- Ajinomoto CELLiST Korea Company news "Ajinomoto CELLiST Korea Launches CELLiST AAV Production Supplement 1" (December 2025). https://www.ajinomotocellistkorea.com/en/company_news_en/85
- Ajinomoto Co., Inc. Corporate website (in Japanese; source of the logo image). https://www.ajinomoto.co.jp/company/jp/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Head office address, listing, revenue of ¥1,583.7 billion, business profit of ¥181.1 billion, revenue by segment and headcount | Sourced | Reference 1 https://www.ajinomoto.co.jp/company/jp/ir/library/securities/main/06/teaserItems1/0/linkList/03/link/FY25Q4_annual%20Securities%20Report_J.pdf |
| Healthcare and Others revenue by product category (media included in amino acids, CDMO, electronic materials, etc.) and business profit of ¥66.2 billion | Sourced | Reference 1 https://www.ajinomoto.co.jp/company/jp/ir/library/securities/main/06/teaserItems1/0/linkList/03/link/FY25Q4_annual%20Securities%20Report_J.pdf |
| Healthcare and Others R&D spending, capital expenditure and 5,219 employees; group capital expenditure of about ¥130 billion in FY2026 | Sourced | Reference 1 https://www.ajinomoto.co.jp/company/jp/ir/library/securities/main/06/teaserItems1/0/linkList/03/link/FY25Q4_annual%20Securities%20Report_J.pdf |
| The media business run with Ajinomoto CELLiST Korea as its platform, co-development of media with Forge, and the move towards a service and solution model | Sourced | Reference 1 https://www.ajinomoto.co.jp/company/jp/ir/library/securities/main/06/teaserItems1/0/linkList/03/link/FY25Q4_annual%20Securities%20Report_J.pdf |
| The Heartseed shareholding (172,400 shares, ¥298 million) and its description as "an important customer and co-development partner" | Sourced | Reference 1 https://www.ajinomoto.co.jp/company/jp/ir/library/securities/main/06/teaserItems1/0/linkList/03/link/FY25Q4_annual%20Securities%20Report_J.pdf |
| Goodwill on Forge of ¥42,095 million, impairment-test headroom of ¥18,439 million, possible impairment with a 1.4-point rise in the discount rate, and the discount rate moving from 16.7% to 18.7% | Sourced | Reference 1 https://www.ajinomoto.co.jp/company/jp/ir/library/securities/main/06/teaserItems1/0/linkList/03/link/FY25Q4_annual%20Securities%20Report_J.pdf |
| Media production sites (South Korea for biopharmaceuticals, Japan for regenerative medicine) and customer support centres, the 1987 launch of ASF media and the 1989 acquisition of Omnichem | Sourced | Reference 2 https://www.ajinomoto.co.jp/company/jp/ir/library/factbook/main/00/teaserItems1/00/linkList/0/link/Factbook%202026_J.pdf |
| The difference between CELLiST (powder) and StemFit (liquid), the 2012 founding of the Korean subsidiary, the March 2018 CELLiST launch, CiRA's use of StemFit for its iPS cell stock, the statement that a medium built into a process does not change, growth factors, and the outlook of more than eight times for the media business | Sourced | Reference 3 https://www.ajinomoto.co.jp/company/jp/ir/event/business_briefing/main/011110/teaserItems1/01/linkList/00/link/4_Culture%20Media_J.pdf |
| Joint research with CiRA since 2011 and development of StemFit AK03, the PMDA consultation, supply to Healios, and the target of ¥40 billion in 2025 | Sourced | Reference 4 https://www.ajinomoto.co.jp/company/jp/presscenter/press/detail/2014_02_13.html |
| Launch of StemFit AK03N (August 2016, price) and sale of research-grade AK02N through ReproCELL and Takara Bio | Sourced | Reference 5 https://www.ajinomoto.co.jp/company/jp/presscenter/press/detail/2016_07_29.html |
| U.S. launch of StemFit Basic02 (September 2016) | Sourced | Reference 6 https://www.ajinomoto.co.jp/company/jp/presscenter/press/detail/2016_09_14.html |
| The JSR partnership (composition transfer and exclusive sales in Europe and the U.S.), supply from the Korean plant since 2014, the "second pillar" remark, and the CELLiST brand since 2017 | Sourced | Reference 7 https://news.ajinomoto.co.jp/2022/09/20220927.html |
| The Forge acquisition (about US$554 million, about ¥82.8 billion) and its aims of supplying optimised media and entering the cell therapy field | Sourced | Reference 8 https://news.ajinomoto.co.jp/2023/11/20231113-05.html |
| Investment in Somite Therapeutics (via CVC, June 2025) | Sourced | Reference 9 https://news.ajinomoto.co.jp/2025/06/20250613-01.html |
| Development of the AAV media supplement with Forge (up to about two times) and the description of some of the world's largest bioreactors for AAV production | Sourced | Reference 10 https://news.ajinomoto.co.jp/2025/11/20251114.html |
| The hinokitiol technology for cell-based food media and the aim of a launch within a few years | Sourced | Reference 11 https://news.ajinomoto.co.jp/2026/04/20260416.html |
| Acquisition of Genexine's 25% stake (July 2023) and the name change | Sourced | Reference 12 https://www.ajinomotocellistkorea.com/en/company_news_en/40 |
| Launch of CELLiST F7 and the cysteine stabilisation technology | Sourced | Reference 13 https://www.ajinomotocellistkorea.com/en/company_news_en/78 |
| Expansion of the JSR partnership (seven products added) | Sourced | Reference 14 https://www.ajinomotocellistkorea.com/en/company_news_en/44 |
| Opening of the customer support centre in India | Sourced | Reference 15 https://www.ajinomotocellistkorea.com/en/company_news_en/79 |
| Launch of CELLiST AAV Production Supplement 1 (December 2025) | Sourced | Reference 16 https://www.ajinomotocellistkorea.com/en/company_news_en/85 |
| The three types of cell culture company (CDMO, supplier, cell therapy) | Our calculation | Our own classification. Companies shown are examples from the 20 in this series |
| Revenue and profit of the media business, progress against the ¥40 billion target, Forge's revenue, backlog and capacity, timing of entry into cell therapy, and the content of co-development with Heartseed | Not yet confirmed | Not in references 1 to 3. This article makes no estimate https://www.ajinomoto.co.jp/company/jp/ir/library/securities/main/06/teaserItems1/0/linkList/03/link/FY25Q4_annual%20Securities%20Report_J.pdf |
| Media and gene therapy market sizes quoted in releases | Not yet confirmed | Research-firm estimates, so not used in this article (our note) |
| The readings that media and CDMO feed each other inside the group, that StemFit sales track iPS cell clinical development, and that contract manufacture of cell therapies has not yet started | Inference | This article's interpretation of the supplement's development and launch and of statements at the Forge acquisition |
| The reading that StemFit aims for a supplier's seat lasting as long as each therapy stays on the market | Inference | This article's interpretation of the 2023 business briefing materials |
| The risks of the pace of regenerative medicine and of dependence on particular customers | Inference | This article's interpretation of product uses and the disclosed shareholding |
| The view that making growth factors with in-house fermentation sets the company apart, and the significance of a single-formulation cysteine feed | Not yet confirmed | This article's technical commentary, not something the company has published |
Last updated 24 September 2026 / Troy Technical
Every figure in this article comes from Ajinomoto Co., Inc.'s statutory filings, Factbook, business briefing materials and official releases, and from official news published by Ajinomoto CELLiST Korea. No research-firm estimates or press-based figures have been used. Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company.