Bukwang Pharm Changes Union Korea Pharm's Name to "Bukwang Unipharma"

Business restructuring fleshed out at October 8 extraordinary shareholders' meeting

Bukwang Pharm will change the name of Union Korea Pharm, which it acquired this year, to Bukwang Unipharma and work to expand business synergies.

A view of Bukwang Pharmaceutical's headquarters in Daebang-dong, Dongjak-gu, Seoul. Bukwang Pharmaceutical

Union Korea Pharm said it held an extraordinary shareholders' meeting at its headquarters in Wonju, Gangwon Special Self-Governing Province, on October 8 and approved agenda items including partial amendments to its articles of incorporation, the appointment of an auditor, and approval of the limit on directors' remuneration.

As a result, Union Korea Pharm changed its corporate name to Bukwang Unipharma Co., Ltd. The extraordinary shareholders' meeting was a follow-up step to flesh out management normalization and a reorganization of the business structure after Bukwang Pharm acquired Union Korea Pharm.

Bukwang Pharm plans to leverage the production facilities and pharmaceutical manufacturing capabilities of Bukwang Unipharma to expand synergies with its existing businesses. Bukwang Unipharma has production capabilities in areas such as antibiotics and injectable drugs that Bukwang Pharm had not previously secured. Bukwang Pharm aims to use these capabilities to broaden its pharmaceutical production portfolio and establish a stable production base.

A Bukwang Pharm official said, "Through this extraordinary shareholders' meeting, Union Korea Pharm has become Bukwang Unipharma. We will proceed with the follow-up steps without a hitch, promptly complete the normalization of management, and effectively combine the capabilities of the two companies to strengthen production competitiveness and business synergies."

In May, Bukwang Pharm was selected as the prospective acquirer of Union Korea Pharm, which was undergoing rehabilitation proceedings. It finalized the acquisition after the court approved the rehabilitation plan and concluded the rehabilitation proceedings last month.

This content was produced with the assistance of AI translation services.