GC Biopharma sells HK subsidiary to CR Pharm Group for $254 mn

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GC Biopharma sells HK subsidiary to CR Pharm Group for $254 mn - Korea Economic Daily

Quick Summary:

South Korea’s GC Biopharma Corp.announced on Wednesday that it signed a share purchase agreement (SPA) to sell all its shares in its Hong Kong subsidiary to a subsidiary of China Resources Pharmaceutical Group.

GC Biopharma announced that it will supply CR Pharmaceutical with the blood product Albumin and the genetically recombinant hemophilia treatment GreenGene F, both produced at its Ochang plant in North Chungcheong Province.

GC Biopharma expects its export to the Chinese market will gain momentum through the contract with CR Pharmaceutical, which has a nationwide distribution network in China.