SK Bioscience (302440.KS) is expanding rapidly on the back of its acquisition of IDT Biologika, a German vaccine contract development and manufacturing organization. The company's consolidated revenue more than doubled last year, and IDT's operating profit in the first half of this year already exceeded its full-year figure for 2025. Flu and Ebola vaccine projects involving both companies are also taking shape, accelerating a global expansion built on IDT's European manufacturing base.
SK Bioscience posted consolidated revenue of 651.4 billion won ($450 million) last year, up 143.5% from a year earlier, according to a regulatory filing with the Financial Supervisory Service on the 25th. Its operating loss narrowed to 123.5 billion won from 138.4 billion won.
IDT sits at the center of that growth. Founded in 1921, the German company can handle both drug substance manufacturing and fill-finish work for vaccines and biologics. SK Bioscience completed the acquisition in October 2024, securing about 60% of IDT's shares. IDT swung to a full-year operating profit last year, reporting revenue of 465.7 billion won and operating profit of 9.9 billion won. In the first half of this year, it logged revenue of 257.8 billion won and operating profit of 12.7 billion won, surpassing last year's full-year operating profit in just six months.
SK Bioscience plans to combine its vaccine development capabilities with IDT's production infrastructure and European business base to win more global CDMO contracts and broaden overseas manufacturing and supply for its own vaccines.
The two companies are also deepening project cooperation. One example is the development of a next-generation flu vaccine patch with Vaxxas, an Australian vaccine technology firm. The project, led by the European Union's Health and Digital Executive Agency (HaDEA), uses microarray patch technology to make vaccination easier and improve access to supply.
SK Bioscience supplies cell culture-based drug substance for seasonal and pandemic flu vaccines, while Vaxxas provides the patch technology and related manufacturing capabilities. IDT handles contracts and project management in Europe, and could take on a broader role as a production site for drug substance manufacturing once the product reaches commercialization.
The first phase of the project, which includes a Phase 1 clinical trial, is worth up to 12.9 million euros (about 19.2 billion won). Depending on how development progresses, the three related framework contracts could grow to a combined 225 million euros (about 334.2 billion won).
In Ebola vaccines, the two companies are pursuing a tie-up that links drug substance production with fill-finish work. SK Bioscience and IDT are taking part in a Zaire Ebola vaccine project alongside Merck & Co. (MSD) and the Hilleman Laboratories. The Coalition for Epidemic Preparedness Innovations (CEPI) is providing MSD with up to $30 million (about 39.9 billion won) for the project. SK Bioscience is responsible for process development and manufacturing of the vaccine drug substance, while IDT handles development and production of the finished drug product.
SK Bioscience is also working to expand overseas manufacturing and supply for its own vaccines using IDT's production infrastructure. The company plans to strengthen a manufacturing structure linking its domestic plants with IDT in Germany, following product-by-product technology transfers, process validation and related regulatory steps.
In its CDMO business, the company aims to double IDT's revenue from the level at the time of acquisition by 2028 by expanding business with existing clients and winning new orders. "We will combine our vaccine development capabilities with IDT's manufacturing experience and customer network to expand our global business," an SK Bioscience official said.
