SK bioscience completes IDT Biologika acquisition

SK bioscience CI

SK bioscience Co. announced on Wednesday that it acquired the management rights to IDT Biologika GmbH after completing the acquisition process with German global pharmaceutical and biotechnology group Klocke Group.

IDT Biologika operates contract manufacturing organization (CMO) and contract development and manufacturing organization (CDMO) businesses in Germany and the United States. While Klocke Group retains a 40 percent stake in IDT Biologika, it has also acquired a 1.9 percent stake in SK bioscience through an investment of around 76 billion won ($57.5 million).

SK bioscience’s goals for IDT Biologika include doubling sales by 2028 and increasing earnings before interest, taxes, depreciation and amortization (EBITDA) to 25 percent of sales. The company aims to hit 1 trillion won in consolidated revenue within the next five years.

It also plans to expand into promising areas such as oncolytic viruses (OV), adeno-associated viruses (AAV), cell and gene therapies (CGT), pre-filled syringes (PFS), and recombinant vaccines. SK bioscience also intends to pursue technology transfer and manufacturing for key existing products, including those for influenza, shingles, and varicella.

Sally Choe, former Head of Development at SK bioscience, and IDT Biologika Chief Executive Officer Ulrich Valley were appointed Co-CEOs. Klocke Group CEO Carsten Klocke and SK bioscience CEO Ahn Jae-yong will also serve as directors.

“Our two companies’ capabilities are complementary, and we expect the ensuing synergies to accelerate our global expansion,” Ahn said.