TheragenEtex Creates Bio-subsidiary… Approved at Annual Shareholder Meeting
On March 26, Theragen Etex (CEOs Jin-op Ko, Byeong-hwan Ryu, and Samuel(Taesoon) Hwang) announced that the company decided to spin off its pharmaceutical and genome divisions and create a privately held company “Theragen Bio (tentative name).”
Theragen Etex held its 30th annual shareholder meeting on that day near its headquarters in Ansan, Gyeonggi-do Province and resolved 5 agenda items including the spin-off, the re-appointment of CEO Byeong-hwan Ryu and Samuel(Taesoon) Hwang, and approval of its financial statement.
At its board of directors meeting on February 27, Theragen Etex resolved to spin off its divisions and moved it to the agenda of the annual shareholder meeting.
As the shareholder meeting approved the spin-off plan, the existing pharmaceutical division will acquire 100% of the Theragen Bio shares for the spin-off. The spin-off is planned for April 30, 2020.