Seoul, Jun 27 (IANS): SK bioscience, a biopharmaceutical arm of South Korea's SK Group, on Thursday said it has agreed to pay 339 billion won ($243 million) for control of German biotech company IDT Biologika.

According to the company officials, the acquisition of IDT Biologika will give SK bioscience a crucial gateway for its expansion plans in the US and Europe, Yonhap news agency reported.

"The main purpose of this deal is to establish a new growth base and to further expand our core businesses into global markets, including developed countries," SK bioscience CEO Ahn Jae-yong said.

Under the agreement, SK bioscience will acquire a 60 per cent stake in IDT Biologika from Klocke Group. Klocke Group will also acquire a 1.9 per cent stake in SK bioscience, allowing the two companies to strengthen their partnership.

IDT Biologika, a wholly owned subsidiary of Klocke Group, is one of the top 10 contract development and manufacturing firms in the global vaccine market, according to SK bioscience.