SillaJen announced on the 13th that it has acquired WOOSUNG Pharmaceuticals from Corentec.
WOOSUNG Pharmaceuticals is a fluid specialty corporation focusing on two main products: 'ProPainfusion' and 'Newaminofenpremix,' which contain acetaminophen. Additionally, it offers antiviral agents, essential minerals, and ibuprofen injections.
SillaJen purchased 80% of the equity in WOOSUNG Pharmaceuticals held by Corentec for 9 billion won in cash and 1 billion won in SillaJen convertible bonds (CB). The remaining 20% was also acquired from CEO Jo Hwan-woo, securing full equity. CEO Jo will join SillaJen to maintain business continuity.
SillaJen will merge WOOSUNG Pharmaceuticals into its internal pharmaceutical division. The strategy is to strengthen the development and sale of finished goods, moving beyond its existing focus on research and development.
A SillaJen representative said, 'WOOSUNG Pharmaceuticals is a promising pharmaceutical corporation with an existing product lineup and pipeline,' adding that the acquisition of WOOSUNG Pharmaceuticals will serve as a turning point for SillaJen to evolve into a comprehensive pharmaceutical corporation encompassing revenue generation, R&D, and finished goods sales.