TheragenEtex Reinforces Growth Engines with Spin-off of its Genome Division
Theragen Etex (CEOs Jin-op Ko, Byeong-hwan Ryu, and Samuel(Taesoon) Hwang) announced that it will spin off its pharmaceutical division and genome division to reinforce professionalism in each business, improve business efficiency, and maximize shareholder value.
At a board of directors meeting on February 27, Theragen Etex disclosed that it resolved to spin off its division and moved it to the agenda of an annual shareholder meeting.
Theragen Etex is planning to spin off its genome division and create the privately held company, “‘Theragen Bio (tentative name),” while its existing pharmaceutical division will acquire 100% of the Theragen Bio shares.
The spin-off is scheduled April 30, 2020, and the spin-off will be finally decided at its 30th annual shareholder meeting on March 26.
Theragen Etex is currently operating its pharmaceutical division and genome division with separate CEOs. This spin-off is expected to improve business in decision-making and accountability and accelerate new business by attracting investments.