Researchers work at the lab of SK Bioscience in Seongnam. (Image courtesy of the Ministry of Health and Welfare)
SEOUL, Jul. 25 (Korea Bizwire) — SK bioscience Co., a biopharmaceutical arm of South Korea’s SK Group, said Thursday it has agreed to invest US$2 million to acquire future shares in U.S. biotech company Sunflower Therapeutics.
SK bioscience signed a simple agreement for future equity (SAFE) with Sunflower Therapeutics as part of efforts to expand its technological cooperation with the U.S. company and advance its vaccine manufacturing capabilities, company officials said.
SAFE is an investment method commonly used for investing in a startup to provide investors with rights to issue equity in the future without determining a valuation at the initial investment stage.
Established in 2018, Sunflower Therapeutics developed a next-generation protein manufacturing solution that helps streamline vaccine manufacturing procedures and lower the production cost.
SK bioscience said it aims to leverage the U.S. firm’s technology to optimize its vaccine development and manufacturing process
“We will deepen our relationship with Sunflower to continuously develop effective, safe and cost-effective vaccine products to protect global health,” SK bioscience CEO Ahn Jae-yong said.
Last month, SK bioscience also signed a deal to acquire German biotech firm IDT Biologika, one of the top 10 contract development and manufacturing firms in the global vaccine market.
(Yonhap)
