Huons Group will consolidate the group's pharmaceutical business capabilities under Huons. Pharmaceutical company Huons announced on the 22nd that it decided on a small-scale merger to absorb its 100% subsidiary Huons Biologics.
The two companies plan to sign the merger agreement on the 23rd and complete the merger in June this year after the required filings and procedures.
This merger is an absorption-type merger of a subsidiary in which Huons holds 100% equity, and will proceed as a small-scale merger without issuing new shares. Because it is a no-capital-increase merger with no new shares issued, there will be no changes in management control or the largest shareholder after completion.
The record date for shareholders is on the 7th of next month, and the merger date is June 23. The registration procedures are expected to be completed in June.
Huons said it decided on the merger to improve management efficiency by integrating management resources. The plan is to combine the pharmaceutical businesses that had been separated into Huons and Huons Biologics under Huons to restructure the business portfolio. This decision is aimed at strengthening competitiveness and expertise in the group's pharmaceutical business and improving management efficiency.
Through this merger, Huons plans to strengthen the overall pharmaceutical business, including pharmaceutical contract manufacturing (CMO), based on Huons Biologics' Osong plant.
Song Su-young, CEO of Huons, said, "Through this absorption-type merger, we will be able to combine the two companies' core competencies and enhance expertise," adding, "We expect synergies such as improved management efficiency, higher performance-driven corporate value, and enhanced shareholder value."