SEOUL, May 11 (Korea Bizwire) — SK Holdings Co., the holding firm of South Korean energy and telecoms conglomerate SK Group, said Monday it has invested in Singapore’s Hummingbird Bioscience in the latest move to secure technology for antibody-based medicines.
SK Holdings said it has participated as a major investor in the investment worth about 8 billion won (US$6.5 million) in the biotech company, which focuses on the development of novel antibody-based therapeutics.
The investment came seven months after SK Holdings invested about $5 million in the Chinese biotech company Harbour BioMed.
SK Holdings has made a series of investments in foreign companies in recent years as part of its efforts to diversify its revenue sources.
In 2017, SK Holdings invested $1 billion in Eureka Midstream, a U.S. midstream energy company handling the gathering, transportation and compression of natural gas.
In 2017, the holding firm invested a combined $60 million in two North American fashion brands — Canada-based Mackage and U.S.-based fashion firm Alice+Olivia.