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SK to spin off life science unit

Feb. 20, 2011 - 19:30 By 신현희
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)