Samyang Biopharm said on the 2nd that it will officially launch as an independent company dedicated to the group's pharmaceutical and biotech business through a spin-off from Samyang Holdings, the holding company of Samyang Group.
The partitioning method was a spin-off in which Samyang Holdings shareholders received shares in the existing company and the new company in proportion to their equity, and it is set to list on the Korea Exchange's main board (KOSPI) on the 24th. Kim Kyung-jin, who has led the pharmaceutical and biotech business as Samyang Holdings' co-CEO, was appointed CEO.
The newly established Samyang Biopharm will oversee the pharmaceutical and biotech business within Samyang Group. In particular, it plans to focus on strengthening competitiveness in the global market based on a specialty, high-performance portfolio that includes biodegradable surgical sutures, gene carriers, and anticancer drugs.
It also plans to form an independent company composed of pharmaceutical and biotech specialists in management and to secure corporate competitiveness by promoting a range of industry-academia-research collaborations and global partnerships.
Kim Kyung-jin, CEO of Samyang Biopharm, said, "With this partitioning, we will respond quickly and flexibly to the rapidly changing industry environment and maximize management efficiency through independent and accountable management," adding, "Going forward, Samyang Biopharm will expand its presence in domestic and overseas markets based on its strong technological capabilities."