South Korean vaccine maker SK Bioscience has agreed to acquire a controlling stake in German contract manufacturing and development organisation (CDMO) IDT Biologika.
IDT Biologika is engaged in developing and producing vaccines and biologics from clinical to commercial stages, serving pharmaceutical and biotech firms worldwide.
SK Bioscience has signed an agreement with the Klocke Group, the parent company of IDT Biologika, to acquire 60% of IDT Biologika’s shares for KRW339bn ($243.9m).
Upon closing, SK Bioscience will become the major shareholder of IDT Biologika, while Klocke Group will retain the remaining 40% stake.
Also, Klocke Group intends to invest KRW76bn ($55m) to acquire a 1.9% share in SK Bioscience, fostering a robust partnership based on mutual trust and growth potential.
SK Bioscience CEO Ahn Jae-yong said: “The main purpose of this deal is to establish a new growth base and to further expand our core businesses into global markets, including developed countries.”
SK Bioscience said it is the company’s first major transaction since its 2021 IPO, which raised $1.33bn.
Its parent company SK Group has been considering ways to streamline its business to focus on key areas, including artificial intelligence, chips, and batteries.
The acquisition represents the largest investment in the country’s vaccine sector to date.
SK Bioscience expects the acquisition to yield immediate benefits, including doubling revenue and establishing a manufacturing network meeting the standards of the US and EU markets.
