SEOUL -- In a bid to enhance the competitive power of its biotech and pharmaceutical business in the global market, South Korea's third-largest conglomerate SK Group has completed the acquisition of a controlling stake in Yposkesi, a French cell and gene therapy company.
SK Holdings said it has acquired management rights and a 70-percent stake in Yposkesi, a contract development & manufacturing organization (CDMO) in Europe for gene therapy viral vector manufacturing. Financial terms were not disclosed.
With the acquisition of Yposkesi, SK said it can supply new innovative drugs worldwide by establishing a global contract manufacturing organization (CMO) business system. CMO serves other companies in the pharmaceutical industry to provide comprehensive services from development through manufacturing.
SK’s American unit, SK Pharmteco headquartered in Sacramento, will control and nurture Yposkei as the largest producer of gene cell therapy in Europe. "We are pleased to enter the gene therapy CMO business, which is a promising growth area, through investment in Yposkesi with outstanding capabilities and potential," said SK Holdings CEO Jang Dong-hyun.
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.