Daewoo Pharmaceutical to liquidate U.S. branch to streamline operations - Korean media

The pharmaceutical giant Daewoong Pharmaceutical has begun the liquidation of its U.S. branch, Daewoong America. The U.S. branch is a research and development (R&D) company established in Rockville, Maryland in 2009.
It has been an outpost of Daekuma Pharmaceutical in the U.S., actively interacting with other research institutes. In fact, it is the generic version of Daekuma Pharmaceutical's representative product, Ursa, a liver drug.
In addition to researching and developing oral medications that are improved versions of generic drugs, the company has also been working to obtain approval from the U.S. Food and Drug Administration (FDA).
In the future, the R&D infrastructure in North America built by the US branch will be transferred to another US subsidiary.
The company plans to transfer its U.S. functions to DIH, which is a wholly owned subsidiary of Daewoong Pharmaceutical. Therefore, the liquidation of Daewoong Pharmaceutical's U.S. branch does not mean that the company will withdraw from the U.S. market. The company plans to consolidate its U.S. functions at DIH and improve management efficiency.
DIH was established in Boston, Massachusetts, USA in May 2021. Through DIH, Daegu Pharmaceutical aims to build relationships with overseas academics, researchers, pharmaceutical and bio-related experts, and investors.
Based on a variety of business models, including the introduction and joint development of new technologies, we are also strengthening cooperation with partner companies around the world.
The company plans to develop new drugs to meet potential needs in collaboration with a variety of organizations, including pharmaceutical companies.