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[Apha Biz=(Chicago) Reporter Paul Lee] Ildong Pharmaceutical held an extraordinary shareholders' meeting on the 5th and announced that it approved the plan to establish "Yunovia", a subsidiary dedicated to research and development (R&D) through material division.
According to the split plan passed on this day, Yunovia will be newly launched on the 1st of next month. Based on major new drug pipelines such as metabolic disease treatment candidates and degenerative brain disease treatment candidates inherited from Ildong Pharmaceutical Co., projects such as clinical development, technology transfer and discovery of new materials and technologies will be carried out.
The first CEOs will be Seo Jin-sik, former chief operating officer (COO) of Ildong Pharmaceutical Co., and president Choi Sung-koo, who served as head of research and development headquarters, respectively, as co-representatives. At the extraordinary shareholders' meeting, Lee Jae-joon, vice president of Ildong Pharmaceutical's chief operating officer (COO), and Shin Ah-jung, executive director of Ildong Holdings' legal affairs office, were appointed as new in-house directors of Ildong Pharmaceutical's board of directors.
With this split, Yunovia is expected to speed up the performance of new drug development through independent R&D research and development through self-financing such as attracting investors. Ildong Pharmaceutical, the parent company, is expected to improve its financial status as it took off its R&D division, which accounted for about 20 percent (125.1 billion won) of its sales last year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
