Korean pharma firm SK Biotek invests in Ireland

SK Biotek has reached agreement to acquire one of Bristol-Myers Squibb’s Irish manufacturing facilities; marking the first time a South Korean pharmaceutical firm has invested in Ireland.

No purchase price has been disclosed, but completion of the deal is expected during the final quarter of the year. SK Biotek is aiming to become a leading global contract development and manufacturing organisation (CDMO); a company which develops and makes treatments for other firms.

It is buying Bristol-Myers Squibb’s active pharmaceutical ingredients (API) manufacturing facility in Swords, Co Dublin, with the 350 employees at the plant transferring to the company.