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

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

Published: 05 Oct. 2020, 18:58

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]