Huons said on the 26th it has completed procedures to merge its subsidiary Huons BioPharma through absorption.
According to the company, the merger was pursued to integrate dispersed management resources to improve operational efficiency and to strengthen the competitiveness and expertise of the group's pharmaceutical business.
With the merger, Huons secured the Osong plant of Huons BioPharma. Based on this, it plans to expand its pharmaceutical production capacity (CAPA), including solid formulations, and strengthen its overall pharmaceutical business, including contract manufacturing (CMO).
The two companies decided to merge in April, signed a merger agreement, and completed the related filings and procedures. Before the merger, Huons held 100% equity in Huons BioPharma, so the merger proceeded as a small-scale merger without issuing new shares, and there was no change in control or the largest shareholder after the merger.
Huons plans to integrate its business structure into one to boost operational efficiency across the entire process from pharmaceutical production to management and sales, and, based on this, to secure sustainable growth drivers in the global pharmaceutical market.
Song Su-young, Huons' CEO, said, "With this merger, we have laid the groundwork to pool key capabilities in the pharmaceutical business and enhance expertise and efficiency," adding, "We will respond swiftly to the rapidly changing global pharmaceutical market and secure sustainable growth drivers."