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S. Korea’s SK bioscience to acquire German biotech firm IDT Biologika

SK bioscience, a biopharmaceutical arm of South Korea's SK Group, on Thursday said it has agreed to pay 339 billion won ($243 million) for control of German biotech company IDT Biologika

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S. Korea’s SK bioscience to acquire German biotech firm IDT Biologika
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27 Jun 2024 11:47 AM IST

Seoul, June 27: SK bioscience, a biopharmaceutical arm of South Korea's SK Group, on Thursday said it has agreed to pay 339 billion won ($243 million) for control of German biotech company IDT Biologika.

According to the company officials, the acquisition of IDT Biologika will give SK bioscience a crucial gateway for its expansion plans in the US and Europe, Yonhap news agency reported.

"The main purpose of this deal is to establish a new growth base and to further expand our core businesses into global markets, including developed countries," SK bioscience CEO Ahn Jae-yong said.

Under the agreement, SK bioscience will acquire a 60 per cent stake in IDT Biologika from Klocke Group. Klocke Group will also acquire a 1.9 per cent stake in SK bioscience, allowing the two companies to strengthen their partnership.

IDT Biologika, a wholly owned subsidiary of Klocke Group, is one of the top 10 contract development and manufacturing firms in the global vaccine market, according to SK bioscience.

SK bioscience South Korea SK Group IDT Biologika 
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