SK bioscience is acquiring a stake in US biotech company Novavax.
The alliance of the two companies, both of which developed their own COVID-19 vaccines during the pandemic, is expected to generate synergies in all areas from vaccine R&D to production and sales.
On August 9, SK Bioscience announced that it has signed a stock purchase agreement to acquire 6.5 million shares of Novavax, a U.S. biotechnology company. The equity investment was decided with the aim of establishing a new strategic relationship after the pandemic, as the CMO/CDMO contract between SK Bioscience and Novavax ended during the pandemic.
The two companies also signed an extended license agreement for Novavax's vaccine against coronavirus variants.
SK bioscience will supply the drug substance (DS) and immune booster (Matrix M) of Novavax's newly developed COVID vaccine, which will be completed in a prefilled syringe formulation at its Andong L-House.
SK Bioscience will have exclusive manufacturing rights to supply and commercialize the products in Korea and non-exclusive rights in Thailand and Vietnam.
Through this license agreement, SK Bioscience aims to play a proactive role in preventing viral infections during the pandemic.
"SK Bioscience's strategic investment and commitment to our mid- to long-term collaboration is a testament to our history of collaboration and confidence in our technology and growth potential," said Novavax President John C. Jacobs.
"The strategic equity investment and collaboration of two companies with their own COVID-19 vaccines, which only a handful of companies have successfully developed globally during the pandemic, will create incredible synergies," said Dr. Jae-Yong Ahn, President of SK Bioscience.
Through this equity investment, SK Bioscience plans to expand its strategic collaboration with Novavax and explore various collaborations, including utilizing Novavax's immune enhancer "Matrix M".
In addition, SK Bioscience will expand its global network by enhancing its current in-house developed vaccines and collaborating with overseas vaccine companies and organizations to develop new pipelines such as mRNA vaccines.
