Huons to Spin Off Botox Business... Establishes Independent Corporation

Yoon Sung-tae, Vice Chairman of Huons Global

[Asia Economy Reporter Cho Hyun-ui] Huons Global's botulinum toxin (Botox) business will become independent as 'Huons Biopharma (tentative name)' in April next year.

On the 16th, Huons Global decided at a board meeting to spin off the bio business division dedicated to the Botox business. Accordingly, the bio business division will officially launch as a newly established corporation.

The new corporation will be established through a physical division. The scheduled date of division is April 1 next year, with a capital of 2 billion KRW. The company explained the reason for deciding the spin-off as follows: "As a holding company, Huons Global plans to focus on supporting the growth of each affiliate's unique core business, managing each company's business portfolio, and enhancing brand value."

After the physical division, Huons Global also plans to pursue an initial public offering (IPO) of Huons Biopharma.

Yoon Sung-tae, Vice Chairman of Huons Global, said, "We will separate the bio business division and nurture it as a future growth business."

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