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 [firstname.lastname@example.org]
More in Industry
[SHORTCUT] Is 2021 the year electric vehicles go mainstream?
Lobby groups call for leniency for Samsung's Lee
Thousands claim fraud after buying items via social media
No dial tone for 2G services on LG U+ starting in June
Ironing out an air corridor took decades