SK Chemicals announced on Feb. 14 that it has decided not to proceed with the sale of its pharmaceutical business.
Last year, the company signed a memorandum of understanding (MOU) for the sale of its pharmaceutical business and had been in discussions regarding the matter.
It explained, “Amid various domestic and international variables and a rapidly changing business environment, we have decided to maintain our current business portfolio and proceed with our business operations in a stable manner.”
SK Chemicals plans to focus on the growth of its pharmaceutical business and the creation of new visions within the existing business portfolio structure.
The company will expand its successful global contract development and manufacturing organization (CDMO) business achieved last year while pursuing strategic tasks such as further growth of existing main products and joint marketing with domestic and international partner companies.
In the medium to long term, SK Chemicals aims to strengthen the competitiveness of its existing core business, secure visible outcomes of the ongoing open innovation R&D initiatives that have been pursued steadily over the past few years at an early stage, and simultaneously establish new R&D infrastructure. Additionally, the strategy includes mapping out future blueprints, such as exploring new businesses like the global CDMO business.