French special purpose acquisition company (SPAC) eureKING said it would acquire full ownership of SCTbio with a view to creating a new biotech company, which will be listed in Paris.
eureKING said it will pay around 13.08 million euros ($14.35 million) for 67% of the share capital, on a fully diluted basis, of SCTbio, a pharma company specializing in the cell and gene-therapy field.
The remaining 33% – currently owned by PPF Biotech – will be settled through newly issued shares of eureKING, after which the French SPAC will fully own SCTbio.
eureKING is already in the process of buying France’s Skyepharma and is scouting to buy assets in the pharmaceutical sector.
It said on Wednesday that it plans to combine both companies once the deals are completed, to create a leading European biologics contract development and manufacturing organization (bio CDMO).
“By acquiring SCTbio and combining it with Skyepharma, we intend to build a solid network of production capacity in Europe with global reach,” eureKING CEO Michael Kloss said in a statement.
In a separate news release, PPF Biotech said the newly-created company will be listed on the Euronext stock exchange in Paris.
The transaction should close in the last quarter of 2023, PPF added.
Source: Reuters.com