CJ Healthcare will be put up for sales.
Kang Seok-hee 강석희, CJ Healthcare CJ헬스케어 CEO, notified his employees of plans to sell the company on Friday, according to company sources and industry officials.
Morgan Stanley, which is in charge of selling the company, will likely send investment documents to global private equity funds and large domestic pharmaceutical companies next week.
The sale is expected to attract numerous global private equity companies and multinational pharmaceutical companies rather than domestic pharmaceutical companies as the company has an estimated value of a trillion won ($897.5 million), the sources said.
CJ Healthcare achieved sales of 520.8 billion won, and an operating profit of 67.9 billion won last year.
Upon completion of the sale, the CJ Group, the largest shareholder and founder of the company, is expected to leave the pharmaceutical industry after 34 years.
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