Daewoong Pharmaceutical
[Source: Yonhap News Agency file photo]

(Seoul=Yonhap Infomax) Su In Jeong – Daewoong Pharmaceutical Co., Ltd., a leading South Korean drugmaker, announced that Immplacate, INC., its US-based partner specializing in mesenchymal stem cell therapy development, has entered liquidation proceedings.


According to a disclosure filed on the Financial Supervisory Service’s electronic disclosure system on the 21st, Daewoong Pharmaceutical reported that Immplacate, in which it holds a 20.00% equity stake, is currently undergoing liquidation as of the end of the reporting quarter.


Daewoong Pharmaceutical invested approximately 1.1 billion won ($800,000) in Immplacate, INC.


A Daewoong Pharmaceutical official stated, “At this time, there is no further information available regarding plans to recover the investment.”


sijung@yna.co.kr

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