Planned Integration into Pharmaceutical Division
Jo Hwanwoo, CEO of Woosung Pharmaceutical, to Join SillaJen
Bio new drug development company SillaJen has acquired Woosung Pharmaceutical, a specialist in intravenous solutions. On the 13th, SillaJen announced through a public disclosure that it would acquire Woosung Pharmaceutical from Corentec.
The acquisition deal involves paying 9 billion KRW in cash and 1 billion KRW in SillaJen convertible bonds (CB) for 80% of Woosung Pharmaceutical shares held by Corentec. The remaining 20% stake was purchased from CEO Jo Hwan-woo and others, securing 100% ownership of Woosung Pharmaceutical. To ensure business continuity, CEO Jo Hwan-woo of Woosung Pharmaceutical is expected to join SillaJen.
Woosung Pharmaceutical is a specialist pharmaceutical company in intravenous solutions, with major customers including tertiary hospitals and large medical institutions. Its main products are Propain Fusion Injection and New Aminophen Premix Injection, both containing acetaminophen. In addition, it offers a diverse product lineup including antiviral drugs, essential minerals, and ibuprofen injections. Beyond existing products, it is developing various generic drugs and improved new drugs such as antimicrobials, cancer adjuvants, and arthritis treatments.
After acquiring Woosung Pharmaceutical, SillaJen plans to pursue a corporate merger to incorporate it as a pharmaceutical division internally. The strategy is to continue existing anticancer drug research and development while evolving into a research-driven pharmaceutical company equipped with finished drug development and sales capabilities.
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