SK Holdings, the parent firm of Korea’s No. 3 conglomerate SK Group, said Friday it has bought a drug firm to speed up its efforts to tap deeper into the pharmaceutical business and find new sources of profit.
At the same time, SK Biotek plans to sell 40 billion won ($32.2 million) worth of stocks to expand its facilities.
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| SK headquarters in Seoul |
SK Biotek was spun off from SK Biopharmaceuticals in April last year, a subsidiary of SK Holdings.
Industry watchers said SK Biopharmaceuticals and SK Biotek will stand as the two major pillars of SK’s drug business, with the former focusing on the development and the other on the production.
SK Group and other local conglomerates have been rushing to tap the drug industry.
Samsung BioLogics, a pharmaceutical arm under Korea’s top conglomerate Samsung Group, said December that it will build its third bio-similar production line in the country by 2017, as part of an effort to focus on securing a new growth engine. (Yonhap)
