SK Holdings said Sept. 2 that it has handed over its entire stake in SK Biotek to its US subsidiary Alchemy Acquisition in exchange for new shares worth 438.7 billion won ($361 million).

The transaction took place on Aug. 30, immediately after board approval. Its decision reduced SK Holdings’ direct subsidiaries from 12 to 11. 

The entire 22.8 million shares of SK Biotek, Daejeon-based pharmaceutical CDMO, was valued at 336.3 billion won as of end-August.

Alchemy Acquisition, a wholly owned subsidiary of SK Holdings, takes control of SK Biotek’s operations in South Korea, Ireland and the United States. SK Holdings owns Alchemy Acquisition’s 1,000 shares plus the newly-issued 780 shares.

SK Holdings is the holding firm of Korea’s third-largest conglomerate. SK Chairman Chey Tae-won is the largest shareholder with an 18.44 percent stake.

The company said the decision was meant to consolidate the conglomerate’s drug contact manufacturing business under Alchemy Acquisition.

This comes after SK Biotek in July reduced its 164.9 billion won capital.

In 2016, SK Holdings bought SK Biotek‘s entire stake from SK Biopharm for 123.8 billion won.

By Son Ji-hyoung (consnow@heraldcorp.com)