 |
Photo courtesy of SillaJen |
[Alpha Biz= Kim Jisun] SillaJen announced on July 1 that it has completed its small-scale merger with Woosung Pharmaceutical, following a board resolution made in April.
The merger, structured as an absorption-type merger in which SillaJen remains as the surviving entity and Woosung Pharmaceutical is dissolved, was executed without issuing new shares. Post-merger, Woosung Pharmaceutical will operate as the pharmaceutical division within SillaJen.
Woosung Pharmaceutical has been supplying intravenous (IV) solutions to major hospitals in Korea, including tertiary medical centers, with annual revenue of approximately KRW 8 billion. Its flagship products include "New Aminophen Premix Injection," based on acetaminophen, and pediatric-targeted IV solutions, which have helped solidify its market position.
Through this merger, SillaJen aims to diversify its revenue streams and create synergies in R&D. In particular, the company plans to accelerate the development of the world’s first IV formulation of dexibuprofen, a project previously led by Woosung Pharmaceutical. The product has already been selected for a government-sponsored program, enhancing prospects for early commercialization.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
