SK Chemicals picks name for vaccine spin-off
[THE INVESTOR] SK Chemicals, the chemical and biopharmaceutical arm of SK Group, has picked a name for the vaccine unit it is planning to spin off this year, a company official said on April 12.
The unit, which will be focused on life sciences and eco-chemicals, submitted a patent application for the name “SK Bioscience,” to the Korean Intellectual Property Office last week.
“Nothing has been decided yet. It’s just one of the possible names,” an SK official told The Investor.
After completing the spin-off by end-2018, the new division will go public in three years, according to Ahn Jae-yong, head of SK Chemicals’ vaccine division.
In a recent interview with the press, Ahn stressed that making inroads into global markets will be one of the key missions of his firm. “We have a three-phase strategy starting with the local market, then targeting emerging markets and finally moving onto the US and Europe with our global partners,” he said.
The spin-off comes as SK Group is seeking to improve its biotechnology units by establishing independent entities for them. In 2015, SK Chemicals spun off its plasma-derivatives developer to set up SK Plasma. For over a decade, SK Chemicals has been centered on developing vaccines. The firm invested 400 billion won (US$374 million) into related research and manufacturing sites.
By Park Han-na (email@example.com)