● SKCHEMICALS SPINS OFF VACCINE DIVISION TO PROMOTE SUSTAINABLE GROWTH
- Establishment of SK bioscience (tentative name), a company specializing in vaccines
- To increase shareholder value by improving business expertise and management efficiency
SK chemicals will split up its vaccine business unit.
SK chemicals held a board meeting on May 2,and announced that it has decided to physically split the existing VAX business division into a new entity. The new entity is tentatively named SK bioscience.
The spinoff of the SK chemicals’ vaccine business division is a physical division. The existing VAX business division will becomea new company, and the new company will be a whollyowned subsidiary of SK chemicals, which will continue to hold 100% of the shares issued by the newly formed company.
Accordingly, SK bioscience (tentative name) will focus on enhancing its shareholder value by maximizing its management efficiency while strengthening the expertise of the bio-business and facilitating the flow of foreign investments.
SK chemicals had decided to change to a holding company in order to strengthen the expertise of each operating company, enhancethe management efficiency, strengthen the transparency in corporate management, and improve shareholder value by expanding the management accountability.The spinoff of the vaccine business division was decided in this context, the company said.
In accordance with the approval of the board members at the meeting, the new corporationwill be spun off on July 1 after a general meeting of shareholders held on June 15.
An official of SK chemicals said that SK bioscience (tentative name) will continue to pursue a strategy to develop premium vaccines based on innovative technologies in order to strengthen the company’s leading position in the domestic market and advance into the global market.
[Upcoming events]
5/2 : Board meeting > 6/15 : General meeting of stockholders > 7/1 : Day of spinoff > 7/2 : General meeting of the new corporation *Reporting of the spinoff completion