Sillajen said it acquired Woosung Pharmaceutical from Corentec, an orthopedic implant developer, securing full ownership of the company.
Sillajen acquires Woosung Pharmaceutical to strengthen its drug development and commercialization capabilities, marking a significant step toward becoming a comprehensive pharmaceutical company.
Under the terms of the agreement, Sillajen will purchase an 80 percent stake in Woosung Pharmaceutical from Corentec for 9 billion won ($6.1 million) in cash and 1 billion won in convertible bonds (CB). The remaining 20 percent stake will be acquired from Woosung Pharmaceutical CEO Cho Hwan-woo and other stakeholders, completing the full acquisition. To ensure business continuity, Cho will join Sillajen following the acquisition.
Woosung Pharmaceutical specializes in intravenous (IV) drug development, with major clientele including large-scale hospitals and tertiary medical institutions, and also offers a range of antiviral drugs, essential minerals, and ibuprofen injections.
Beyond its current product lineup, Woosung Pharmaceutical is currently developing a variety of generics, including antibiotics, adjunctive cancer therapies, and arthritis treatments. Notably, the company is developing the world's first dexibuprofen IV formulation, a government-supported project expected to be commercialized within the next three years.
"Woosung Pharmaceutical is a promising company with a strong product lineup and pipeline,” a Sillajen official said. “The acquisition goes beyond mere revenue growth as it marks a significant step toward Sillajen becoming a comprehensive pharmaceutical company encompassing both drug development and finished product sales."