SPAC company EureKING plans to acquire SCTbio, supporting the firm’s ambition to create a European bio-CDMO leader.
EureKING, a “blank-check” company — also known as a special-purpose acquisition company, or SPAC — announced in May 2022 its aim to form a contract development manufacturing organization (CDMO) to be listed on Euronext Paris.
The proposed acquisition of cell and gene therapy (CGT) CDMO SCTbio will see eureKING pay approximately €13.08 million ($14.35 million) for 67% of the share capital. The remaining 33% is currently owned by PPF Biotech, which would be subject to a lock-up undertaking once the deal has closed on the shares issued by Eureking as a consideration for the contribution.
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This deal would immediately follow the purchase of France-based CDMO Skyepharma, which focuses on the development and delivery of oral technologies, and eureKING plans to merge both companies once the deals are completed. In turn, this will enable it to advance its activities into a different segment of the biomanufacturing space, covering biologics and live biotherapeutics as well as CGTs.
“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.
PPF said the newly formed firm will be listed on the Euronext stock exchange in Paris, France and that the transaction is anticipated to close in the last quarter of this year.
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