GC completes selloff of U.S. subsidiaries for $460 millionGC, 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 [email@example.com]