SK Biopharmaceuticals acquires majority share of U.S biotech firm

SK Biopharmaceuticals has acquired 60 percent of U.S. biotech company Proteovant Therapeutics for $47.5 million, the company said on Friday.

SK Biopharmaceuticals has acquired 60 percent of U.S. biotech company Proteovant Therapeutics for $47.5 million, the company said on Friday.

Founded in 2020, Proteovant Therapeutics is a Pennsylvania-based firm specializing in targeted protein degradation technologies.

Roivant, a Swiss healthcare technology company, has been the largest shareholder of Proteovant with 60 percent ownership. SK Inc., which owns 64 percent of SK Biopharmaceuticals, acquired 40 percent of Proteovant in 2021.

With the latest acquisition deal, SK Biopharmaceuticals will acquire the 60 percent share from Roivant to become the largest shareholder.

The acquisition is aimed at “expanding research and development (R&D) modality,” said Jung Ji-young, SK Biopharmaceuticals chief financial officer, during a conference call on Friday.

The deal will be closed by July 17, according to Jung.

“It holds significance to us for that now we have secured a global-level R&D base in the United States,” said the CFO.

SK Biopharmaceuticals posted an operating loss of 22.7 billion won ($17.2 million) in the first quarter this year, compared to the quarterly loss of 37.1 billion won during the same period last year. The company aims to swing back to black in the fourth quarter this year.

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