Huons Global to spin off botox business division

South Korea’s Huons Global said on Wednesday its board has determined a spin-off of botulinum toxin business that will go independent under the name Huons Biopharma.

The pure-play entity is due to be launched on April 1, 2021 with an initial capitalization of 2 billion won ($1.83 million) and will seek an initial public offering.

Huons Biopharma will be responsible for new drug discovery and clinical development around botox and other biologic treatments.

Huons Global will focus on supporting the growth of unique target businesses by affiliates, managing business portfolios, and improving brand value, while promoting corporate governance transparency and management stability.

The spinoff aims to enhance business competitiveness by maximizing the capabilities of each business and to improve business efficiency and corporate and shareholder value, said Huons Global vice chairman Yoon Sung-tae.

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