Korea’s botulinum toxin maker Hugel said on Feb. 1 that it has completed the merger with its two wholly owned subsidiaries Hugel Pharma and Hugel Meditec.
“The merge aims at strengthening competitiveness by utilizing human and material resources efficiently. The management, financial and operational status will remain unchanged,” Hugel said in a statement. The subsidiaries will be dissolved.
The consolidation comes as Hugel has been undergoing post-merger integration with Bain Capital which acquired the firm in July last year.
Founded in 2001, Hegel exports its botulinum toxin product Botulax to 24 countries including Japan, Thailand and Vietnam. It posted sales of 132 billion won (US$122 million) and operating profit of 76.9 billion won in the first nine months of 2017 with overseas sales accounting for 62.2 percent.
By Park Han-na (firstname.lastname@example.org