SD Biosensor's COVID-19 self-test kit / Yonhap

SD Biosensor, a Korean developer of COVID-19 test kits, said Friday it has signed a deal to buy an Italian medical device distributor for 61.9 billion won ($49.8 million) in an effort to tap deeper into the European market.

The contract calls for SD Biosensor to acquire 50,000 shares of Relab SRL, June 30, or a 100 percent stake in the company that also wholesales medical equipment, SD Biosensor said in a regulatory filing.

SD Biosensor, which is listed on Korea's main bourse, said the purpose of the envisioned stake purchase is to "participate in the management" of the Italian company.

SD Biosensor has been seeking to expand its presence in Europe. In late March, it purchased German-based distributor Bestbion, a major distributor of diagnostic products in the German and Austrian market, for 16 billion won.

The Suwon-based company has also invested 188 billion won to expand its automated assembly line here to meet growing demand for its products amid the prolonged coronavirus pandemic. (Yonhap)