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KT&G Corp., Korea’s largest tobacco and ginseng product manufacturer, said Wednesday that it will jump into the pharmaceutical business in a bid to diversify its business portfolio.
The company said it launched KT&G Life Sciences Corp., formerly known as Mazence Inc., which KT&G acquired late last year to spearhead the business.
KT&G said it will focus on developing treatments for cancer and osteoporosis and drugs for atopic diseases, as well as new medicines for diabetes and obesity that Mazence has researched.
KT&G Life Sciences will create synergy in cooperation with another affiliate, Yungjin Pharm Industry Co., said KT&G.
“With the launch of KT&G Life Sciences, we can build a balanced business portfolio of tobacco, health care products, cosmetics, and bio and pharmaceuticals,” said a company official.
KT&G is recently seeking to expand its business territory in efforts to diversify its revenue sources. It took over Somang Cosmetics Co. last year to enter the booming beauty industry.
(Yonhap News)
The company said it launched KT&G Life Sciences Corp., formerly known as Mazence Inc., which KT&G acquired late last year to spearhead the business.
KT&G said it will focus on developing treatments for cancer and osteoporosis and drugs for atopic diseases, as well as new medicines for diabetes and obesity that Mazence has researched.
KT&G Life Sciences will create synergy in cooperation with another affiliate, Yungjin Pharm Industry Co., said KT&G.
“With the launch of KT&G Life Sciences, we can build a balanced business portfolio of tobacco, health care products, cosmetics, and bio and pharmaceuticals,” said a company official.
KT&G is recently seeking to expand its business territory in efforts to diversify its revenue sources. It took over Somang Cosmetics Co. last year to enter the booming beauty industry.
(Yonhap News)
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Articles by Korea Herald
