GC said that it has sold off its Montreal-based GC Biotherapeutics’ plasma fractionation and two purification facilities, and 11 U.S.-based GCAM’s plasma collection centers, to Grifols, a multinational healthcare company based out of Spain. The deal is worth 552 billion won ($460 million).

“The sell-off is the first time GC has disposed of multiple overseas affiliates through a package deal,” the company said. “The disposal is meaningful as it is a preemptive action to consider the uncertainty caused by changes in the business environment.”

In the case of GC Biotherapeutics (GCBT), facility investment was completed, the company said. However, due to the lack of local bio-production process experts, the offshoot has been relying on human resources and technical support from the Korean headquarters for commercial operation since 2018.

GC stressed that the deal was to maintain the net capital ratio at a level the company wants, adding that its plan to make GCBT an independent enterprise from next year showed signs of indefinite delay amid the Covid-19 pandemic, which even cut off air flights to Canada.

“This transaction has allowed GC to speed up our business operation by focusing on restructuring, divided between North American blood products division and GC headquarters,” the company said. “Through the deal, the company can now focus solely on increasing the GC’s local blood product manufacturing facility's capacity utilization rate in Ochang, North Chungcheong Province.”

In line with such plans, the company aims to apply for sales approval for its 10% intravenous immunoglobulin in the U.S in the fourth quarter of this year. It will also start selling the product as soon as the company receives a nod from the U.S. regulator.

The company added that the contract is likely to be completed within this year through winning required approvals.