Amicogen (CEO Pyo Jjeo), a bio-materials and healthcare specialized company, is set to sell its stake in Bifido to secure liquidity and improve its financial structure.
On the 30th of last month, Amicogen signed a stock sale agreement to sell its entire stake in Bifido. The sale involves 2,454,000 common shares, representing a 30% stake, with the sale price amounting to 15 billion KRW. This sale will involve a change in the largest shareholder and is expected to be completed by the 13th.
An Amicogen representative stated, “The sale proceeds will be used to improve the financial structure, including repayment of borrowings, with the purpose of securing cash liquidity. This Bifido sale will serve as a signal for the full-scale business restructuring we have been pursuing.”
Amicogen is currently in the final stages of selling its Seoul office located in Pangyo Korea Bio Park, and is also in the process of selling two other non-core business-related land sites. Additionally, Amicogen is proceeding with the sale of subsidiaries as part of restructuring its non-core business sectors.
Through business restructuring, Amicogen aims to further strengthen its existing core businesses and focus its capabilities on new bio-materials substrate and resin businesses.
This year, Amicogen completed the substrate factory in Songdo and the resin factory in Yeosu, establishing large-scale production facilities for key bio-pharmaceutical materials, and is actively discussing technology development and business development with domestic and international clients for supply.
Amicogen plans to simplify its business and secure liquidity through restructuring, concentrating on the substrate and resin businesses, which are future growth engines.
Not only new businesses but also existing core businesses will be strengthened. The enzyme and biopharmaceutical business division plans to maintain its technological competitive edge in the core raw materials for cephalosporin antibiotics, 7-ACA and 7-ADCA, and expand its market globally.
Furthermore, it will focus on the early commercialization of about ten cephalosporin antibiotic (Green API) enzyme technologies currently undergoing approval and testing, and accelerate the expansion and commercialization of new pipelines such as ligand development essential for bio-process enzymes and affinity resin development, and the development of subcutaneous injection hyaluronidase.
The healthcare business division plans to expand the global market for enzyme-based natural health materials, increase ODM orders, and develop new materials for brain health, anti-obesity, and anti-aging to address unmet market demands, thereby strengthening global healthcare material competitiveness and maximizing sales.
Amicogen Chairman Shin Yong-cheol said, “This sale of Bifido shares was conducted to improve the financial structure by securing liquidity. Starting with this Bifido sale, we will secure liquidity by selling non-core business sectors and affiliates. Through successful business restructuring, we plan to concentrate the company’s capabilities on our core businesses: enzyme and biopharmaceutical business, healthcare business, and substrate and resin business.”
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