Samyang Holdings decides to merge with subsidiary Samyang Biopharm

Pulse 2021. 1. 27. 11:48
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Samyang Holdings will merge with its subsidiary Samyang Biopharm in a bid to enhance its corporate value with promising biopharma business and expedite the pharmaceutical unit¡¯s growth and global push, the company said on Wednesday.

The holding company announced that its board on Tuesday approved a plan to merge its subsidiary Samyang Biopharm with itself for better synergy and corporate value improvement. The two parties aim to complete the merger transaction by April 1, and after the merger, Samyang Biopharm will be put under Samyang Holdings as a biopharma division. Samyang Holdings currently holds a full stake in Samyang Biopharm.

The merger is expected to help Samyang Biopharm secure stable resources to finance drug development and other mid- and long-term projects and to accelerate its advance into global markets.

Samyang Biopharm was founded as a spinoff from Samyang¡¯s pharmaceutical business in November 2011 when Samyang Group shifted itself into a holding company system. In 2019, Samyang Biopharm generated 94.5 billion won ($85.7 million) in revenue, and it is the largest provider of absorbable sutures in the world.

The company has been active in global markets by launching operations in the United States and Hungary. Samyang Biopharm USA has two investigational drug candidates in its pipeline, according to the company.

Medicine and biopharma business is Samyang Group¡¯s future growth engine and long-term investment projects for innovative drug development, establishment of global production bases, and new business launches are under way, said a Samyang Holdings official, adding the merger was decided to implement the growth strategy of biotech business and to enhance the corporate value of Samyang Holdings.

[¨Ï Maeil Business Newspaper &, All rights reserved]

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