SK Bioscience is expected to boost sales and strengthen its global presence by acquiring IDT Biologics, which has clients in the U.S. and Europe. SK Bioscience will acquire three shares of IDT Biologics (60.6 percent stake) for $229 million through its German subsidiary (SK Bioscience Germany GmbH) in October. It will also acquire three shares of its parent company, Glock Group, for $189 million. Through this third increase, Glock Group will acquire 1.519,543 shares of SK Bioscience (1.9 percent stake) for $55.5 million. Through this, SK Bioscience is expected to complete the acquisition process with a cash reserve of about W263 billion. Based on its GMP (Pharmaceutical Manufacturing and Quality Control) certified production facilities by the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), IDT Biologics has various vaccine and biopharmaceutical consignment production experiences. It recorded annual sales of about 275 million euros last year. SK Bioscience plans to use IDT Biologics’ production base as its base for its vaccine products to advance into the global market. IDT Biologics is expected to be incorporated as a subsidiary to boost financial health and boost sales. SK Bioscience posted $226 million in sales last year.
“We are very happy to create a future with SK Bioscience, which gave trust to IDT Biologics’ know-how, expertise, and solid customer partnership,” said Carsten Kloke, CEO of the group. “We will contribute to the promotion of global health based on the expertise and commercial capabilities of both companies.” SK Bioscience President Ahn Jae-yong said, “The stake acquisition transaction is aimed at establishing a new growth axis for the company and entering advanced countries and global markets with core businesses and products. As it is a stake acquisition with a high business value compared to investment, we will communicate with the market to enhance corporate value.”
JULIE KIM
US ASIA JOURNAL
