SK Bioscience CEO and President Ahn Jae-yong speaks during a press conference held in central Seoul on Thursday. (Image courtesy of Yonhap)
SEOUL, Oct. 2 (Korea Bizwire) — SK bioscience Co., a biopharmaceutical arm of South Korea’s SK Group, said Wednesday it has completed its acquisition of a controlling stake in the German biotech company IDT Biologika.
In June, the Korean company agreed to take over a 60 percent stake in IDT Biologika from Klocke Group for 339 billion won (US$256.4 million) through a cross-shareholding deal. Klocke Group invested 7.6 billion won to acquire a 1.9 percent stake in SK bioscience, further strengthening their partnership.
SK bioscience aims to double IDT Biologika’s annual sales by 2028 and increase profitability to 25 percent of total sales.
The company said it will achieve 1 trillion won in consolidated sales within the next three years by leveraging IDT Biologika’s growth potential.
IDT Biologika is one of the top 10 global vaccine contract development manufacturing organizations (CDMOs) operating in Germany and the United States.
(Yonhap)
