SK Holdings partners with AstraZeneca to boost pharmaceutical biz

SK Holdings CEO Jang Dong-hyun, left, shakes hands with AstraZeneca Chairman Leif Johansson after reaffirming his company's commitment to the companies' strategic partnership at the company's headquarters in Seoul, Thursday. Courtesy of SK Holdings

By Kwak Yeon-soo

SK Holdings has reaffirmed its commitment to its strategic partnership with the British-Swedish pharmaceutical company AstraZeneca, as part of its big push to grow biotech and pharmaceutical sectors as future growth engines, the company said Thursday.

AstraZeneca is the world's 11th-largest pharmaceutical company that focuses on developing treatments related to cardiovascular, gastrointestinal and respiratory disorders. It recorded $22.1 billion in sales in 2018.

SK Biotek, a subsidiary wholly owned by SK Holdings, has partnered with AstraZeneca since 2018, a year after it acquired Bristol-Myers Squibb's Swords manufacturing facility in Ireland.

Since then, AstraZeneca has been producing diabetes treatments Forxiga and Onglyza, which are provided to patients in 98 countries.

It produces treatments for some 3 million diabetic patients across the world and yielded annual revenues of $100 million.

“Both companies have been accelerating research and development to discover next-generation drugs and achieve social value,” SK Holdings CEO Jang Dong-hyun said.

“We will continue to promote the growth of bio and pharmaceutical business through SK Pharmteco and produce meaningful results in order to provide better treatment for patients in the future.”

AstraZeneca Chairman Johansson said, “SK Biotek is an important strategic partner, and we hope to set an example to prove Korea's high quality pharmaceutical manufacturing standards.”

SK Holdings has acquired SK Biotek Ireland and the U.S.-based AMPAC, and has set up a consolidated contract manufacturing organization (CMO) called SK Pharmteco in the U.S. in August.