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]

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

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

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

Standards Board Policy (0/250자)

What’s Popular Now