Teragen Etex Establishes Bio Subsidiary 'Teragen Bio'

[Asia Economy Reporter Cho Hyun-ui] Theragen Etex announced on the 26th that it will split its pharmaceutical and genomics business divisions and establish a new unlisted corporation called Theragen Bio (tentative name).

At the 30th general shareholders' meeting held near its headquarters in Ansan, Gyeonggi Province, Theragen Etex approved five agenda items, including the physical division, the reappointment of CEOs Ryu Byunghwan and Hwang Taesoon, and the approval of financial statements.

Following the approval of the division plan, the corporate split will proceed by acquiring 100% of the newly established Theragen Bio shares, which will be created from the continuing pharmaceutical business division. The division date is set for April 30.

Since Theragen Etex's two business divisions have been operating under separate headquarters with individual CEO systems since their merger in 2010, structural changes due to the split are expected to be minimal.

A Theragen Etex official stated, "This split will disperse financial risks to maintain stable financial statements while securing growth momentum through aggressive investment attraction and strengthening innovation."

After the split, the pharmaceutical business division plans to expand research and development (R&D) investment in new drugs, focusing on synthetic pharmaceuticals, including treatments for Lou Gehrig's disease and viral diseases, leveraging its existing drug production and distribution business as a cash cow.

The genomics business division will accelerate new drug development and personalized cancer treatment research based on genomics analysis technology accumulated over the past 10 years.

Theragen Bio, which will become an unlisted corporation, plans to enhance corporate value and relist on the KOSDAQ market.

This content was produced with the assistance of AI translation services.