SK Holdings strengthens partnership with AstraZeneca, a global bio-pharmaceutical company
- SK Holding's CEO Donghyun Jang met AstraZeneca's Chairman Leif Johansson on December 19th. "We will continue to strengthen the cooperation between the two companies" said Mr. Jang.
- The partnership is valued at approx. $100m, creating Social Value by improving the lives of 3 million diabetes patients across 98 countries
- SK Holdings, currently growing its bio-pharmaceutical business, will accelerate growth of CMO* business by strengthening partnership with global pharmas*CMO (Contract Manufacturing Organization)
SEOUL, South Korea, Dec. 19, 2019 /PRNewswire/ -- SK Holdings, which views bio-pharmaceutical businesses as a future growth driver, is strengthening partnership with global pharmaceutical companies. SK Holdings CEO, Donghyun Jang met Leif Johansson, Chairman of AstraZeneca on the morning of December 19th at SK's Headquarters in Seoul. They celebrated the milestones achieved through their partnership by exchanging plaques and discussed plans to expand cooperation between the two companies. The event was attended by Ms. Anna Hallberg, Swedish Minister of Foreign Trade and Korean government officials including Mr. Jeoung Yeol Yu, Industrial Policy Director of MOTIE and Mr. In-Taek Lim, Health Industry Director of MOHW from the Ministry of Health and Welfare and Ministry of Trade, Industry and Energy, as well as leaders from both companies.
AstraZeneca is a global bio-pharmaceutical company generating revenue of over $22bn (approximately KRW 26 trillion, by 2018 standard) that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three therapy areas - Oncology, Cardiovascular, Renal and Metabolism, and Respiratory. SK Biotek Ireland signed the long term partnership with AstraZeneca in 2018, a year after SK Biotek, a wholly owned subsidiary of SK Holdings, acquired Bristol-Myers Squibb's manufacturing facility located in Swords, Ireland. AstraZeneca has been producing diabetes treatments such as Farxiga and Onglyza using the active pharmaceutical ingredients (API) manufactured by SK Biotek and supplying them to over 3 million patients across 98 countries worldwide. The collaboration is worth approximately $100m per year.
During the ceremony, Leif Johansson, AstraZeneca Chairman, said, "SK Biotek is a strategic supplier to AstraZeneca and a good example of Korea's high value, high quality manufacturing. Since 2018 we have been working successfully together to deliver life-changing medicines that are fueling growth and contributing value to patients and society. I am proud that AstraZeneca is working with SK Group to support local innovation and high-value exports, and most importantly to address unmet medical needs around the world."
SK Holdings, following its acquisitions of SK Biotek Ireland and AMPAC Fine Chemiclas, established SK Pharmteco in August 2019 as the U.S.-based holding company for its CMO business. With a manufacturing and sales foothold in North America (world's largest pharma market), Asia and Europe, it is poised to accelerate global expansion. SK Pharmteco will consolidate operation of manufacturing sites spread across Korea, Europe and the U.S., thereby maximizing synergy and efficiency. It also plans to accelerate diversification of business portfolios and capacity expansion.
SK Holding's CEO Donghyun Jang said, "Since 2018, we have actively sought to create a shared social value by supporting the supply of innovative drugs to patients through this partnership between the two companies". He also added, "Going forward, we will further solidify this partnership through SK Pharmteco, which aims to manufacture API's for a more diverse array of diseases."
About SK holdings
As the integrated holding company of SK Group, SK Holdings continues to enhance its portfolio value by executing long-term strategic investments with a number of competitive subsidiaries in various business areas, including pharmaceuticals and life sciences, energy and chemicals, information and telecommunications, and semiconductors. In addition, SK Holdings is focused on reinforcing its growth foundations through practical management based on financial stability, while raising its enterprise value by investing in new future growth businesses. For more information, please visit http://www.sk.com/en/index.jsp.
AstraZeneca (LSE/STO/NYSE: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three therapy areas - Oncology, Cardiovascular, Renal and Metabolism, and Respiratory. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. Please visit astrazeneca.com and follow the Company on Twitter @AstraZeneca.
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