This photo, provided by SK bioscience Co., shows its CEO Ahn Jae-yong (L) and Novavax Inc. CEO John C. Jacobs posing for a photo after signing a strategic partnership agreement on Aug. 8, 2023.
SEOUL, Aug. 9 (Korea Bizwire) – SK bioscience Co., a pharmaceutical affiliate under South Korea’s SK Group, said Wednesday it has purchased 6.5 million shares in the U.S.-based biotechnology company Novavax Inc. for 110 billion won (US$83.4 million).
With the stock purchase, SK bioscience will hold a 6.5 percent share in Novavax, according to the Korean company.
It said the strategic investment into the U.S. firm is part of its plans to expand bilateral partnership, following the manufacturing deal to produce Novavax’s COVID-19 vaccine in the country, which has recently expired, according to SK bioscience.
On top of that, the two companies have also agreed to extend their current license deal on Novavax’s updated COVID-19 vaccine, which is currently under development for annual vaccination.
Under the agreement, SK bioscience will obtain exclusive rights to Novavax’s COVID-19 variant vaccine in South Korea and nonexclusive rights in Thailand and Vietnam to supply and commercialize the vaccine.
SK bioscience said the agreement will help the company take preemptive action in the post-pandemic era in cooperation with the global partner Novavax.
(Yonhap)
