Overall, SK Biopharm’s acquisition of ProteoVant Sciences at KRW 62 billion aims to expand their R&D capabilities in TPD technology. (Image credit: Kobiz Media/ Korea Bizwire)
SEOUL, June 30 (Korea Bizwire) — SK Biopharmaceuticals announced on Friday its acquisition of 40 million shares of ProteoVant Sciences, a US-based research and development company, for 62 billion won (US$47 million). The purchase includes all shares held by Roivant Science, ProteoVant’s largest shareholder with a 60% stake. SK holdings, the parent company of SK Biopharm, already owns the remaining 40% since 2021.
The cash-funded acquisitions aim to expand SK Biopharm’s R&D capabilities, particularly in targeted proteolysis (TPD) technology. TPD utilizes the body’s proteolytic system to eliminate disease-causing proteins. The transaction is expected to close on July 17, after which ProteoVant will become a subsidiary of SK Biopharmaceuticals.
SK Biopharm intends to consolidate the profits and losses of ProteoVant and anticipates partnership revenue in the fourth quarter, despite the impact on their P&L. The company has approximately USD 75 million in cash reserves, enabling operations without additional funding for over two years.
The acquisition solidifies SK Biopharm’s position in the TPD field by acquiring global-level TPD technologies and research facilities. Specific strategies and product launches related to the acquisition will be disclosed at an upcoming conference.
Overall, SK Biopharm’s acquisition of ProteoVant Sciences at 62 billion won aims to expand their R&D capabilities in TPD technology. After completion, ProteoVant will become a subsidiary of SK Biopharmaceuticals, with their financials consolidated. Despite the impact on the P&L, SK Biopharm plans to achieve profitability in the fourth quarter, with anticipated partnership revenue.
The acquisition is funded using cash reserves, with no external financing. Specific strategies and new product launches will be revealed at an upcoming conference.
M. H. Lee (mhlee@koreabizwire.com)
