KT&G to explore new drugs after Mazence acquisition

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KT&G to explore new drugs after Mazence acquisition

Korea’s largest tobacco and ginseng company KT&G said yesterday it is expanding its development of new medical drugs as the company succeeded in acquiring a majority share of Mazence.

KT&G said it has bought a 60 percent stake in Mazence valued at roughly 30 billion won ($25.9 million).

Mazence, which was founded in 2002, has specialized in developing drugs to treat diabetes and obesity.

The company said in a statement that, with the acquisition of Mazence, it has set up a portfolio ranging from tobacco to health food products, cosmetics and new drugs that will help it grow into a competitive global player.

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