Boryung approves spin-off of ETC sales division

Boryung held its 63rd extraordinary general meeting of shareholders on October 28, where it approved a plan to physically spin off its ethical drug (ETC) sales division into a new 100% owned subsidiary, Boryung Pharma Solution.

The new entity, which is scheduled to be established on January 4, will focus on domestic sales, marketing, product introduction, and distribution. Boryung will continue to manage research and development, production, and global business operations.

CEO Kim Jung-kyun stated that the split aims to clarify decision-making authority and accountability for performance within a single entity. He also clarified that there are currently no plans to list Boryung Pharma Solution on the stock exchange, noting that any future listing would require shareholder consent.

Additionally, the meeting approved a plan to dispose of approximately 1.77 million treasury shares for employee compensation. This includes a stock grant of 250 shares each to all 1,780 employees to foster an ownership culture.