[Edaily Reporter NA EUN-KYUNG ] BukwangPharmaceutical(003000)has acquired UNION KOREA PHARM CO.,Ltd(080720), which is changing its name to “Bukwang UniPharma” and embarking on a restructuring of its production system.

BukwangPharmaceutical announced that UNION KOREA PHARM CO.,Ltd held an extraordinary general meeting of shareholders on the afternoon of the 8th at its headquarters in Wonju, Gangwon Special Self-Governing Province, and approved a resolution to amend certain provisions of its articles of incorporation, including the name change.

At the extraordinary general meeting held that day, several agenda items were approved, including partial amendments to the articles of incorporation, the appointment of auditors, and the approval of compensation limits for directors and auditors. Accordingly, the trade name of UNION KOREA PHARM CO.,Ltd. has been changed to “Bukwang UniPharma Co., Ltd.”

This name change is a follow-up measure following BukwangPharmaceutical’s acquisition of UNION KOREA PHARM CO.,Ltd and the conclusion of its rehabilitation proceedings. Under the new name, BukwangPharmaceutical plans to integrate the two companies’ pharmaceutical production and supply systems and enhance operational efficiency.

Previously, on May 27, BukwangPharmaceutical paid 30 billion won for new shares in UNION KOREA PHARM CO.,Ltd, becoming its largest shareholder. UNION KOREA PHARM CO.,Ltd filed for rehabilitation proceedings in September of last year and received court approval for its rehabilitation plan on May 12 of this year. The company subsequently implemented the rehabilitation plan, including debt repayment, and the rehabilitation proceedings were concluded on August 31 following a decision by the Seoul Rehabilitation Court.

Following the acquisition, BukwangPharmaceutical has also begun supplying pharmaceuticals using UNION KOREA PHARM CO.,Ltd’s production facilities. In June, it shipped “Complex Pazaim Dual Tablets,” which it had outsourced to UNION KOREA PHARM CO.,Ltd for production, and is expanding manufacturing cooperation between the two companies by entrusting the production of certain over-the-counter drugs as well.

Bukwang Unipharma possesses production capabilities for antibiotics and injectables, which BukwangPharmaceutical previously lacked. BukwangPharmaceutical plans to leverage these capabilities to broaden the range of pharmaceuticals it can produce in-house and strengthen synergies with its existing prescription drug business.

In particular, the company is exploring ways to utilize BukwangUniPharma’s facilities not only for the contract manufacturing of existing products but also for the future production and supply of new products. The goal is to expand its pharmaceutical production portfolio and identify new business opportunities.

An official from BukwangPharmaceutical stated, “Through this extraordinary general meeting, UNION KOREA PHARM CO.,Ltd. has been reborn as Bukwang Unipharma,” adding, “We will proceed with the follow-up procedures without a hitch to swiftly complete the normalization of management and combine the capabilities of both companies to strengthen production competitiveness and business synergies.”

The spokesperson continued, “We will secure a stable production base by organically linking BukwangPharmaceutical’s existing prescription drug business with Bukwang UniPharma’s production infrastructure,” and added, “We also plan to actively pursue the expansion of our product portfolio and the identification of new business opportunities in the future.”