eureKING to buy SCTbio, plans Paris-listed biotech firm (updated)

Eureking SA

09/08/2023 10:13

(Adds quote, detail from statement)
       Aug 9 (Reuters) - French special purpose acquisition
company (SPAC) eureKING  KINGSS.PA  on Wednesday 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.
    


($1 = 0.9113 euros)

 (Reporting by Olivier Sorgho; editing by Jason Neely and Sharon
Singleton)
 ((Olivier.Sorgho@thomsonreuters.com;))