KT&G is set to enter into the pharmaceutical market with the official opening of KT&G Life Sciences on Wednesday.
Since the company took over local bio-venture Mazence in December last year, KT&G has been strengthening its research and development (R&D) capacity by hiring drug development experts, reports MK Business News. KT&G recently changed the name of Mazence to KT&G Life Sciences.
KT&G Life Sciences plans to focus on developing drugs for metabolic disorders such as diabetes and obesity that Mazence has been researching, as well as treatments for cancers, osteoporosis, and atopic diseases in which KT&G has shown strong interest.
KT&G is poised to concentrate the group’s drug development-related capacity on KT&G Life Sciences. In addition, the company expects to maximize its competitiveness in the bio business through synergy generated in its cooperation with the company’s affiliate Yungjin Pharm.
“KT&G will enhance its capacity in the bio business with the launch of KT&G Life Sciences and it plans to establish a balanced business portfolio along with its tobacco, functional food and cosmetic business sectors,” a KT&G official said. (pi)