SK bioscience to invest $3 million to Fina Biosolutions
Published: 08 Oct. 2024, 17:46
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- SARAH CHEA
- chea.sarah@joongang.co.kr
SK bioscience will invest $3 million in Fina Biosolutions, a Maryland-based conjugate vaccine developer, the Korean company said Tuesday.
The details about the stake have not been disclosed. With this acquisition, SK bioscience will become FinaBio’s first and sole strategic investor.
Founded in 2006, FinaBio specializes in the research and development of conjugate vaccines for pneumonia, meningococcal disease and typhoid.
The U.S. company particularly owns critical technology to manufacture Cross-Reacting Material 197, a nontoxic mutant of the diphtheria toxin widely used as a carrier protein in conjugate vaccines.
Under the deal, FinaBio will supply its own technologies to SK bioscience where it can "expand its businesses to other sectors including conjugate vaccine development services, reagents and technologies."
FinaBio is also developing next-generation conjugation technology that targets the desired location for antigen binding, which is helpful in boosting immunogenicity and productivity.
The developer is in partnership with various global companies and research institutions including the Serum Institute of India, the Chengdu Institute of Biology in China and Inventprise in the United States to supply its conjugation technology.
“We are delighted to continue developing partnerships with global firms that have next-generation vaccine technology," said SK bioscience CEO Ahn Jae-yong. "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.”
BY SARAH CHEA [chea.sarah@joongang.co.kr]
with the Korea JoongAng Daily
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