SK bioscience Co., a pharmaceutical affiliate under SK Group, said Friday it will invest 2.4 trillion won (US$1.79 billion) by 2027 as it is seeking to further expand its contract manufacturing business.

The proposed investment twice the amount the company had spent in the past five years is meant to strengthen its readiness for the next pandemic, expand its overseas operations and seize new business opportunities.

Of the total investment, the company said half would be spent on research and development (R&D) and the construction of a new R&D campus in Songdo, Incheon, west of Seoul, which is expected to be completed in 2025.

"The next five years will be crucial to determine the future of the company," SK bioscience CEO Ahn Jae-yong said at a press conference Friday in central Seoul. "We promise to grow in a swift and systematic manner," he said.