French firm Sanofi parts ways with Handok PharmaFrench drugmaker Sanofi said on Thursday it sold off its stake in Handok Pharmaceuticals, ending their 48-year-long partnership. Instead, it bought a 100 percent stake in Sanofi-Aventis Korea as it moves to completely integrate its subsidiaries in Korea.
The French health care group owns four local drug-related companies: the pharmaceutical unit Sanofi-Aventis Korea; the vaccine unit Sanofi Pasteur; Genzyme Korea, which develops treatments for rare diseases; and animal health company Merial Korea.
Sanofi and Handok have been cooperating since 1964, but the two have been operating independently since 2006. The latest move suggests the French group will concentrate on working with the four local subsidiaries more closely, according to an executive at the group.
However, it will continue maintaining favorable relations with Handok, he added. Handok Chairman Kim Young-jin said the separation of the two was necessary in a changing pharmaceutical market. “We will pursue win-win situations,” he said.
More in Industry
Doosan Tower sells for 800 billion won as financial woes continue
Hyundai E&C wins big rail project contract in Philippines
Spud sundaes and ugly apples as retailers rush to help farmers
Covid-19 accelerates online migration of fashion, cosmetics
It's not too late for a bit of last-minute Chuseok shopping