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CJ Group offering to sell CJ HealthCare

Collected: 2017.11.03

Distributed: 2017.11.06

Source: Go Direct

South Korean conglomerate CJ Group has opted to sell its pharmaceutical unit CJ HealthCare Corp. instead of seeking a public offering.

CJ Group announced on Friday that it has picked Morgan Stanley to proceed with the sale of CJ HealthCare. The investment bank will send out bid invitations next week.

Market analysts estimate the value of the deal to be over 1 trillion won ($898.2 million).

CJ HealthCare, which was spun off from the country’s top processed food producer CJ CheilJedang Corp. in 2014, manufactures generic drugs and functional beverages including Condition, Korea’s No. 1 anti-hangover drink.

Last year, the company’s operating profit surged 26.7 percent on year to 67.9 billion won on sales of 520.8 billion won, up 12.5 percent from the previous year. Its net profit was 46.9 billion won, up 29.5 percent from a year ago.

The pharmaceutical firm pursued a public offering last year but decided to put it off due to unfavorable market conditions. Its market worth was estimated at around 1 trillion won at the time.

Market sources suspect the company may have decided to withdraw from the market and focus on other core businesses amid growing competition in the local pharmaceutical market. CJ ventured into the pharmaceutical industry about 30 years ago.

By Kim Byung-ho and Kim Hyo-jin

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