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)