SK Chemicals to Set Up SK Bioscience

SK Chemicals will establish a new company by splitting up its vaccine business unit.

SK Chemicals said after a board meeting on May 2 that it decided to establish SK Bioscience (tentative name) by splitting up the VAX Business Division.

The split-up method will turn the VAX Business Division into a new company and give all of its shares to SK Chemicals. Therefore, the new company will be a wholly-owned subsidiary of SK Chemicals.

SK Bioscience will focus on enhancing shareholder value by maximizing management efficiency while strengthening its specialties in the bio business and preparing a structure for attracting foreign investment.

In accordance with the approval by the board of directors, the new corporation will be split up on July 1 through a general meeting of shareholders on June 15.

Last year, SK Chemicals decided to enhance shareholder value by strengthening the expertise of each operating company, increasing management efficiency, enhancing transparency in corporate management, and expanding responsible management. The split-up of the vaccine business division was decided in this context, the company said.