SEONGNAM, South Korea and ROCKVILLE, Md., Oct. 8, 2024 /PRNewswire/ -- SK bioscience, a global innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced today that the company has signed an agreement to acquire a stake in Fina Biosolutions (FinaBio), a promising R&D biotechnology company based in Rockville, Maryland, United States, by investing USD 3 million. With this acquisition, SK bioscience will become FinaBio's first and sole strategic investor.
Korea’s SK bioscience Acquires Stake in U.S. Biotech Fina Biosolutions
Founded in 2006, FinaBio specializes in the research and development of conjugate vaccines for pneumoniae, meningococcal, typhoid, and other diseases. Among other assets, FinaBio has developed FinaXpress, a proprietary E. coli expression system which they use for producing proteins not previously made in these bacteria, including many carrier proteins like CRM197. Marketed as EcoCRM®, FinaBio has expanded access to this critical protein.
FinaBio is also developing a next-generation conjugation technology that is site-specific and targets the desired location for antigen binding, hence boosting immunogenicity and productivity.
FinaBio collaborates with a number of global biotech companies and institutions, including The Serum Institute of India, The Chengdu Institute of Biology in China, and Inventprise in the U.S. to supply conjugation technology and carrier proteins, including CRM197. Leveraging its expertise in conjugation, the company will continue to grow its business units, including conjugate vaccine development services, reagents and technologies.
SK bioscience, which already manufactures conjugate vaccines such as pneumococcal and typhoid vaccines, will actively utilize FinaBio's CRM197 technology. It aims to secure the high effectiveness of diverse conjugate vaccines while increasing profitability through high-yield processes.
Dr. Andrew Lees, Founder and CEO of FinaBio, said, "We appreciate SK's confidence in Fina Biosolutions. The investment will accelerate the global commercialization of EcoCRM®(CRM197). Combined with our efficient conjugation technology, this will enable the development of the next generation conjugate vaccines. It will also allow us to continue our mission of promoting affordable vaccines."
Jaeyong Ahn, CEO and President of SK bioscience, said, "We are delighted to continue developing partnerships with global firms that have next-generation vaccine technology. Through our mid- to long-term collaboration with FinaBio, we will advance the vaccines we are developing to the next level and strengthen our competitiveness for global market expansion."
Recently, SK bioscience has been actively investing in global companies to create synergies in business. In June 2024, the company signed an agreement to acquire the controlling stake in a German company, IDT Biologika, one of the top 10 global vaccine contract manufacturers and completed the acquisition earlier this month. In July 2024, SK bioscience inked a Simple Agreement for Future Equity (SAFE) with Sunflower Therapeutics, a U.S. biotech company known for its own yeast-based protein manufacturing technology, which facilitates the development and production of diverse antigens and antibodies.
SK bioscience continues to secure its competitiveness through strategic investments in promising companies with exceptional technology and M&As to lay the foundation for a great leap forward into a leading global company.
About SK bioscience
SK bioscience is an innovative vaccine and biotech company, committed to vaccine development and manufacturing to enable more equitable access to vaccines around the world. Leveraging strengths on cutting-edge technologies, SK bioscience has been dedicated to promoting human health from prevention to cure across the globe. With the cooperation of domestic and international governments, regulatory agencies, healthcare providers, doctors, and medical experts, all of the SK colleagues are passionately committed to providing high-quality vaccines to those who need them and better public healthcare solutions.
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Contact
SK bioscience Communications Team
Changhyun Jin (jin99@sk.com)
Jeannie S. Pak (j.pak@sk.com)
Fina Biosolutions
Andrew Lees (ALees@finabio.com)
