OCI Holdings-Hanmi Science Integration... Lee Woo-hyun and Lim Joo-hyun to Lead as Co-CEOs

OCI Holdings Acquires 27% Stake in Hanmi Science
Hanmi Major Shareholder, OCI Holdings Acquires 10.4%

Global materials and energy specialist OCI Group is integrating by acquiring Hanmi Pharmaceutical Group, a new drug-focused research and development (R&D) company.

OCI Group’s holding company OCI Holdings and Hanmi Pharmaceutical Group’s holding company Hanmi Science announced that they signed an agreement on the 12th, following board resolutions from both companies, to integrate the groups through each company’s contribution in kind and new share issuance acquisition.

OCI Holdings will acquire 27.0% of Hanmi Science’s shares (18.6% from existing shares and contribution in kind, 8.4% from new share issuance), and major shareholders of Hanmi Science, including President Lim Joo-hyun, will acquire 10.4% of OCI Holdings’ shares.

OCI Holdings will appoint two inside directors, including one representative director from each group, to form a joint board of directors. Chairman Lee Woo-hyun of OCI Holdings and President Lim Joo-hyun of Hanmi Science will each serve as co-CEOs.

Lee Woo-hyun, Chairman of OCI Holdings (left), Lim Joo-hyun, President of Hanmi Science. Photo by each company

Once the contribution in kind and new share issuance from each group are completed, the two groups will effectively be integrated into a single corporate group. Following subsequent business adjustments, they will jointly manage based on the ‘pharmaceutical and bio’ and ‘advanced materials and renewable energy’ business sectors.

An OCI Holdings official stated, "By advancing governance centered on the board of directors and achieving integration of business and management, we will further strengthen expertise in each sector and establish strong momentum for new business initiatives. We also expect to protect the interests of all shareholders and employees across both groups."

OCI Holdings plans to propose a phased business integration model based on the principle and agreement of co-prosperity and joint management. They will also proceed with brand integration work (company name and corporate identity).

Through this integration, Hanmi Pharmaceutical Group has secured the driving force for R&D by achieving economies of scale. New drug development requires massive investment over more than 10 years.

Since entering the bio business in 2018, OCI Group has been able to strengthen its existing global competitiveness in advanced materials and renewable energy as well as its established competitiveness in the healthcare sector. Additionally, it is expected to create synergy by leveraging Hanmi Pharmaceutical Group’s active pharmaceutical and bio business operations in global markets and OCI Group’s extensive global network in the U.S., Southeast Asia, Japan, and other regions.

La D?fense Partners served as the lead advisor for this transaction, with legal advice provided by Kim & Chang and Sejong. Upon completion of this deal, the existing stock purchase agreements between La D?fense Partners and major shareholders of Hanmi Science will be naturally terminated.

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