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

The acquisition of IDT Biologika will give SK bioscience a crucial gateway for its expansion plans in the United States and Europe, company officials said.

“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 biosicence will acquire a 60 percent stake in IDT Biologika from Klocke Group. Klocke Group will also acquire a 1.9 percent 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.

Source: Yonhap News Agency