CJ officials said no specific sale discussions are in progress and that the company is open to all possibilities. The underwriter is due to provide corporate information next week to key investors.

CJ Cheiljedang, the foods business of the group, had launched the pharmaceutical affiliate in 1984 through acquisitions of local companies. CJ Healthcare was split off in 2014. The company, which mainly produced generic drugs, logged 520.8 billion won in sales last year with operational profit of 67.9 billion won and net profit of 46.9 billion won.

"CJ Group has been in the pharmaceutical business for 34 years, but the domestic market has its limitations, and the industry is in need of restructuring," a corporate watcher said. "CJ likely concluded that if it cannot develop the business to its best, then it's better to sell it and focus on other businesses instead." (Yonhap)