GC Biopharma Sells HK Subsidiary to CR Pharmaceutical for $254M

GC Biopharma Corp., a South Korean company, declared on Wednesday that it had entered into a share purchase agreement (SPA) with a China Resources Pharmaceutical Group subsidiary to sell all of the shares in its Hong Kong subsidiary.A total of 350 billion won ($254 million) was sold. China Resources reported $34 billion in revenue the previous year. According to GC Biopharma, this transaction would improve the company's financial stability and provide money for additional corporate initiatives. Because of the agreement with CR Pharmaceutical, which has a widespread distribution network throughout China, GC Biopharma anticipates that its export to the Chinese market would gain speed.

GC Biopharma declared that it will provide CR Pharmaceutical with genetically recombinant haemophilia medication GreenGene F and the blood product Albumin, both of which are made in the company's Ochang facility in North Chungcheong Province. The estimated value of the deal is 85 billion won, or $61.7 million. The business intends to sell albumin to China and immunoglobulin, one of the by-products, to the US in order to maximise the efficiency of blood product production. Hyaluronic acid fillers from GC Wellbeing will also be distributed in China by China Resources Pharmaceutical Group.