Seventeen months after SK Bioscience introduced its global expansion push?memorably dubbed as “SKBS 3.0”?the Korean developer and manufacturer of vaccines has pulled off a deal that lives up to its ambitions.

SK has acquired a 60% stake in IDT Biologika GmbH for 339 billion won ($244 million). The 103-year-old German company, which ranks among the world’s top 10 in vaccine production, had been owned by Klocke Group, a consolidation of firms that perform contract manufacturing services. Klocke will retain a 40% stake in IDT Biologika.

It is the first significant M&A deal for SK since it went public with a $1.33 billion IPO in 2021. With the news, SK’s share price increased by 8% by mid-morning on Thursday.

In its release, SK said that it is “starting to take a leap toward globalization.”

“SK Bioscience will secure cGMP-level manufacturing infrastructure to grow and develop into a global company,” SK said in the release. “Based on this, it will be possible to expand the portfolio targeting developed countries such as the United States and Europe and advance into new bio areas such as anti-cancer viruses and cell gene therapy (CGT).”