LG CHEM will sell its aesthetic business for 200 billion won.
On the 7th, LG CHEM held a board meeting and announced that it will transfer its aesthetic business, including fillers within the Life Sciences Division, to VIG Partners LLC. The transfer price is 200 billion won, which is 0.42% of last year's equity of 47.9955 trillion won.
This matter does not require a special resolution by the general meeting of shareholders, so LG CHEM finalized the transaction with only the board's resolution without a separate shareholders' meeting.
LG CHEM consists of the petrochemical division, advanced materials division, and life sciences division. Within the life sciences division, there are the primary care department (prescription drugs), specialty care department (growth hormone injections, vaccines, osteoarthritis injections, etc.), and aesthetic department (fillers), but only the aesthetic department is being sold.
LG CHEM stated that it decided to transfer the aesthetic business to enhance competitiveness through portfolio adjustment.