SK Holdings Co., the holding firm for Korea’s third-largest conglomerate, SK Group, said Friday it plans to spin off its life science business unit in April in a bid to nurture new growth engines.
The new entity, tentatively named SK Biopharm, will be launched on April 1 with a paid-in capital of 20 billion won ($18 million), SK said in a regulatory filing.
Since launching a drug development business in 1993, SK has conducted various research projects and production on drugs for the central nervous system.
The spin-off plan is set to be finalized in a shareholders’ meeting next month, according to SK. (Yonhap News)