SillaJen announced on the 1st that the small-scale merger procedure with WOOSUNG, resolved at the board meeting in April, has been completed.
This merger is a 100% subsidiary absorption type where SillaJen becomes the surviving company and WOOSUNG the dissolved company, conducted without the issuance of new shares. Following the merger, WOOSUNG will operate as a pharmaceutical division within SillaJen.
WOOSUNG's main business involves supplying intravenous solutions to large hospitals in Korea, including tertiary hospitals, achieving an annual revenue of about 8 billion won. In particular, it is solidifying its market position with intravenous solutions focusing on 'Newaminofenpremix' containing acetaminophen and diseases treated for children.
SillaJen expects to diversify its revenue base and foster research and development synergies through this merger. As part of this effort, SillaJen plans to accelerate the development of the world's first intravenous solution of 'dexibuprofen' that WOOSUNG was developing. This product has also been selected as a government-supported project, enhancing the potential for early commercialization.
A SillaJen official noted, "This merger is a strategic turning point beyond mere organizational integration for the expansion of our pharmaceutical business," adding, "We will actively utilize WOOSUNG's products and infrastructure to establish a stable revenue base and secure competitiveness in the fields of improved drugs and injectable solutions in the medium to long term."