SillaJen announced on the 25th that it has decided to merge with WOOSUNG.
SillaJen decided to merge with WOOSUNG, which it acquired in March, through a board resolution the previous day, planning to complete the merger in the third quarter after finishing all procedures within the second quarter.
The procedures for the merger include a merger agreement between SillaJen and WOOSUNG and a board approval for the merger between the two companies.
WOOSUNG is a company specializing in the development of infusion solutions, with major clients including tertiary hospitals and large hospitals. Its flagship products are 'PROPAIN Infusion Solution' and 'New Aminophen Free Mix' containing acetaminophen, which is effective for fever and pain relief. Additionally, it has a product line that includes antiviral drugs, essential minerals, and ibuprofen injections with anti-inflammatory and analgesic effects.
According to SillaJen, WOOSUNG is developing a dexibuprofen infusion solution that isolates only the active part of ibuprofen, making it the world's first of its kind. The company expects it could be launched as an improved new drug within three years.
SillaJen plans to develop WOOSUNG as a major business division within the company. It has conducted clinical trials mainly focused on large hospitals and boasts advanced research personnel and systems, expecting to create synergies with WOOSUNG's sales and research capabilities.
Once the merger is completed, SillaJen will be able to maintain a stable listing as it will exceed the sales conditions.
A SillaJen representative said, "As it is a small-scale merger process, we expect that all procedures will be completed as planned within the second quarter without significant issues," and added that "SillaJen will provide full support to increase WOOSUNG's sales and to develop follow-up pipelines, including improved new drugs."