EureKING planning creation of new biotech company through the acquisition of SCTbio
On 9 August 2023, eureKING announced it is set to acquire the pharmaceutical company SCTbio which specializes in cell and gene therapy and viral vectors. EureKING confirmed it will pay $14.35m for 67% of the share capital, with the remaining 33% being settled through their newly issued shares; after the transaction, the French SPAC will completely own SCTbio.
EureKING CEO, Michael Klos, stated: “By acquiring SCTbio and combining it with Skyepharma, we intend to build a solid network of production capacity in Europe with global reach.”
The acquisition will follow eureKING’s plan to buy Skyepharma, which it is in the process of doing currently; once both companies have been bought, they will be combined and listed in Paris to form a European biologics contract development and manufacturing organisation (CDMO).
The transaction is set to be completed in the last quarter of 2023 and will allow eureKING to extend its activities in the biomanufacturing sector.
Luděk Sojka, CEO of SCTbio, added: “We are delighted to enter into this agreement with eureKING. We were attracted by eureKING’s and Skyepharma’s expertise and proven track record in building and growing strong CDMOs. Together, we intend to combine our distinctive and complementary skills and capabilities to create the foundations for a CDMO network with industry credentials. Having a new, fully integrated bio-CDMO leader is the key to reinforcing the Europe’s strategic biomanufacturing capabilities.”