GC completes selloff of U.S. subsidiaries for $460 million

Home > Business > Industry

print dictionary print

GC completes selloff of U.S. subsidiaries for $460 million

GC, the holding company of GC Pharma, completed the selloff of U.S. subsidiaries and raised $460 million from the deal.
 
The company said Monday that it sold its U.S. corporations GCBT and GCAM to Grifols, a Spanish pharmaceutical firm. The deal involves GC’s production facility for blood-derived treatments in Canada. The two parties first signed an agreement of intent three months ago.
 
This is the largest cross-border transaction closed by a Korean pharmaceutical firm to date, GC said.
 
The company explained the selloff was intended to narrow its focus on core business fields. However, its business in blood-derived treatments would be solely headed by subsidiary GC Pharma. The secured cash would be used to invest for new business fields.
 
BY SONG KYOUNG-SON   [song.kyoungson@joongang.co.kr]
 
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now