SK bioscience to acquire German vaccine manufacturer IDT Biologika for $470 million

Pre-filled syringes of the SKYCellflu influenza vaccine on the packaging line at SK bioscience’s Andong L House manufacturing plant in North Gyeongsang. [SHIN HA-NEE]

 
SK bioscience will acquire IDT Biologika, a 440 million euro ($470 million) German vaccine contract manufacturer, the vaccine developer said Wednesday, despite ongoing group-wide rebalancing attempts.

 
SK bioscience expects the acquisition to enhance its production capabilities, given IDT Biologika's presence in Germany — one of Europe's key vaccine production hubs — as well as in the United States. The acquisition is also expected to accelerate SK bioscience's expansion into cell and gene therapies.

 
With the signing of the deal with its parent company Klocke Group, SK bioscience will secure a 60 percent stake in IDT Biologika through its wholly-owned German subsidiary.

 
The deal includes existing shares held by Klocke Group as well as newly issued shares worth 75 million euros, bringing the total amount of the acquisition to 227 million euros.

 
Klocke Group will retain the remaining 40 percent stake in IDT Biologika and will continue to participate in the company's operations. Simultaneously, Klocke Group will acquire a 1.9 percent stake in SK bioscience for 51 million euros.  
 
IDT Biologika, valued at 440 million euros, is one of the top 10 largest vaccine manufacturers. Founded in 1921, the company has a 1.36 million square meter (336 acre) production site in Germany and an operation in Maryland, United States.

 
SK bioscience shares traded strongly after the announcement on Thursday morning, soaring 14.08 percent from the previous trading day to 56,300 won as of 10:07 a.m.

  


BY SHIN HA-NEE [shin.hanee@joongang.co.kr]