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GC Strategically Divests Certain Assets in North American Business
On October 1, GC Biopharma completed a strategic divestiture, selling its Canadian subsidiary, Green Cross Biotherapeutics (GCBT) to Grifols for $460 million. GCBT, based in Montreal, was established in 2014 and has been focused on the manufacture and sale of plasma-derived drugs manufacturing and sales.
The divesture includes 11 plasma collection centers in the US operated by GCAM, a subsidiary of GCBT. As part of the transaction, Grifols has committed to supply plasma to GC Biopharma for a 24-month period.
GC will now focus on the US launch of IVIG 10%. GC Biopharma expects to apply to the FDA before the end of 2020 for approval to distribute its immunoglobulin product in the US. GC Biopharma USA, Inc., based in Fort Lee, NJ, plans on launching the product as early as 2022.
Mr. WJ Lee, CEO of GC Biopharma USA, Inc. stated: “This deal strengthens GC’s position within the US and will allow us to focus on the launch of our IVIG 10% product.” GC will continue its business expansion within the US marketplace.
About GC Biopharma
GC Biopharma (formerly known as Green Cross Corporation) is a biopharmaceutical company that is committed to delivering lifesaving and life-sustaining protein therapeutics and vaccines. Headquartered in Yongin, South Korea, GC Biopharma is one of the leading plasma protein product manufacturers in the world and has been dedicated to quality healthcare solutions for more than half a century. Green Cross Corporation updated its corporate brand to GC Biopharma in early 2018. Green Cross Corporation remains the company's registered, legal name.
About GC Biopharma USA, Inc.
GC Biopharma USA, Inc., Inc., headquartered in Fort Lee, NJ, established its sales, marketing, and business operations, in 2018, to serve customers and patients throughout the US. Our foundation is built on the expertise of our parent company GC Biopharma, a leading biopharmaceutical company delivering plasma therapies and vaccines throughout the world. With GC Biopharma USA, Inc., GC Biopharma will further extend its footprint, bringing its expertise and legacy to the United States.
This press release may contain forward-looking statements that express the current beliefs and expectations of GC Biopharma’s and GC Biopharma USA, Inc.'s management. Such statements do not represent any guarantee by either entity or its management of future performance and involve known and unknown risks, uncertainties, and other factors. GC Biopharma and GC Biopharma USA, Inc. undertake no obligation to update or revise any forward-looking statement contained in this press release or any other forward-looking statements they may make, except as required by law or stock exchange rule.
