Huons acquires Crystal Life Sciences as it eyes global expansion

Huons is acquiring Crystal Life Sciences from its parent company, CG Invites.

Huons logo [HUONS]

Biomanufacturing giant Huons is fully acquiring the drug manufacturer Crystal Life Sciences through stock purchases.

Huons' board agreed Friday to provide collateral for a 16 billion won ($12.3 million) debts of GC Invites, Crystal Life Sciences' parent company.

"Through the deal, Huons plans to acquire 100 percent of Crystal Life Sciences from CG Invites," the company said in a news release.

Through the acquisition, Huons hopes to expand its drug manufacturing capacity into areas of the global health care market such as solid medicine, the company said.

Crystal Life Sciences is a generic drug maker which posted 16 billion won in revenue last year. The company is based in Osong-eup in Cheongju, North Chungcheong, where it also has a factory.

Huons is a Kosdaq-listed contract drug manufacturer. It recorded 492.4 billion won in revenue last year with an operating profit of 40.9 billion won.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]