Seoul: Boryung Corp., a major pharmaceutical company in South Korea, announced its decision to carve out its sales and marketing divisions for prescription drugs as it aims to expand its portfolio by 2030. This strategic move was approved at a board meeting earlier in the day.
According to Yonhap News Agency, Boryung will establish a wholly owned subsidiary named Boryung Pharma Solutions next January. The company currently has no plans to divest or list the newly formed entity on the stock market, as stated by CEO Kim Jung-gyun.
The parent company, Boryung, will retain its focus on the production, research and development of pharmaceuticals, as well as its interests in space and life sciences. Boryung emphasized its plan to increase its domestic market share to 10 percent after the split-off, coinciding with the company's 70th anniversary next year.
Boryung is known for manufacturing prescription drugs and treatments, with its flagship product being the hypertension treatment called Kanarb.