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SEOUL, South Korea, Jan. 10, 2023 /PRNewswire/ -- SK Inc., together with its life science affiliates including SK biopharmaceuticals and SK pharmteco, will hold a networking event to expand their global partnerships in the U.S., the world's largest bio and pharmaceutical market. SK Inc. is the strategic investment holding company of South Korea's SK Group.
SK Inc. announced that it will hold a SK Bio Night on January 11 at the Four Seasons Hotel in San Francisco, US. The meeting will be attended by 100 executives from over 50 companies that includes SK's global partners and investment companies. The goal of the event, among others, is to build strong understanding of SK's current priorities and discover new collaborative opportunities.
Newly appointed executives from SK Inc. and its affiliates who will be hosting the event includes Dong-hyun Jang, CEO and Vice Chairman of SK Inc.; Joerg Ahlgrimm, CEO of SK pharmteco; Dong-hoon Lee, CEO of SK biopharmaceuticals; and Yeon-tae Kim, Head of SK Bio Investment Center. They will present how their respective companies are building thriving businesses in the global biopharmaceutical sector that includes strengthening collaborations with investors and partners. SK biopharmaceuticals, SK pharmteco and SK Bio Investment Center have all recently appointed new leadership to prepare and spearhead new business opportunities in the global biopharmaceutical market.
Yeon-tae Kim, Head of Bio Investment Center at SK Inc., will share the company's strategic priorities related to portfolio expansion beyond small-molecule drugs and how the company has optimized the business to expand its global footprint in biopharmaceuticals.
Dong-hoon Lee, CEO of SK biopharmaceuticals, will provide details on its anti-seizure medication cenobamate, which is commercially available in the U.S. under the brand name XCOPRI®. Mr. Lee will also share an update on the company's pipelines and future roadmap that will help boost its global business portfolio and value.
SK pharmteco has been bolstering its competitiveness in the cell and gene therapy (CGT) sector, an emerging growth market in the contract development and manufacturing organization (CDMO) business. Joerg Ahlgrimm, CEO of SK pharmteco, will unveil the company's business strategy as a global CDMO along with its vision and competitiveness with investors and partners at the event.
Since entering the biopharmaceutical business, SK Inc. has achieved impressive results in enhancing its competitiveness by adopting a robust localization strategy that focused on the development of new small-molecule drugs and CGT CDMO business in the US and Europe, the world's largest markets.
By consummating large cross-border transactions that includes SK biotek's acquisition of a plant in Ireland owned by Bristol Myers Squibb in 2017 (currently SK biotek Ireland) and of AMPAC Fine Chemicals of the US in 2018, SK Inc. was able to scale its biopharmaceutical business and secure strategically important production bases in the U.S. and Europe. In 2019, SK pharmteco, an integrated CDMO company, was established to spearhead the global operation of CDMO business across Korea, Europe and the U.S. In 2021, SK Inc. entered the CGT CDMO business by acquiring Yposkesi of France through SK pharmteco and in 2022, became the second largest shareholder of Center for Breakthrough Medicine (CBM), an American CGT CDMO.
Currently, the U.S and Europe accounts for 95% of SK pharmteco's global customer base. The company secured five research and development centers as well as eight production facilities across Europe, the U.S., and Korea, establishing itself as a global CDMO. Furthermore, the company has been recording strong earnings growth with sales exceeding 1 trillion won (approximately USD 780 million, based on preliminary results).
Through SK Bio Night, SK Inc. plans to explore various business partnerships and investment opportunities in the global market, including the U.S.
"SK strongly believes that establishing long-term partnerships are integral to realizing the company's mission and vision. We wish to engage and create a strong connection with our existing as well as potential future partners by hosting SK Bio Night, with the goal of forging landmark opportunities in key markets such as the U.S. and Europe," said Yeon-tae Kim, Head of SK Bio Investment Center. "We are excited to share our impressive growth trajectory with our global partners and investors."
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