SK Bioscience has capitalized on its investment in Novavax by selling a 1.6% stake in the American pharmaceutical firm for 20 billion won (approximately $15 million). The sale, executed during the first half of the year, comes as Novavax’s stock price saw an uptick, enabling SK Bioscience to realize a modest profit of around 11% per share.
Despite this divestment, SK Bioscience continues to hold a 3.9% stake in Novavax, signaling its intention to maintain a strategic relationship with the U.S. company. Novavax, which is listed on NASDAQ, developed a COVID-19 vaccine that SK Bioscience supplies within South Korea as part of its broader public health initiatives.
The move follows SK Bioscience’s initial investment in August 2022, where it acquired 6.5 million shares of Novavax for 110 billion won. The recent sale indicates a calculated approach to profit-taking amidst fluctuating market conditions, while still preserving its ties with Novavax, a key player in global vaccination efforts. As the pandemic’s impact continues to evolve, SK Bioscience appears poised to balance both financial performance and its role in the biotech sector.
