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Daewoong Pharma to acquire Chinese drug firm

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(Globalpost/GlobalPost)

SEOUL, Aug. 1 (Yonhap) -- Daewoong Pharma, one of South Korea's leading pharmaceutical companies, said Thursday that it has signed a deal to take over Liaoning Baifeng, a Chinese drug firm, for 18 billion won (US$16 million).

With the acquisition, the South Korean company also plans to build a pharmaceutical factory in Shenyang, a northeastern Chinese city, by the end of 2017 and produce drugs including antibiotics at the plant starting in 2018, it said.

"We aim to enter the top 10 drug companies in countries like China and India by creating our presence there," Daewoong Pharma chief executive Lee Jong-wook was quoted as saying in the company's statement on the acquisition.

In April of last year, the company signed a deal with Indonesian drug firm PT.infion to establish a joint venture.

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