Solus Advanced Materials, formerly known as Doosan Solus, said Friday it had split off its bio division as a wholly owned subsidiary Solus Biotech to target the global mRNA vaccine market.
The new bio subsidiary will be led by Seo Kwang-byeok, the current CEO of Solus Advanced Materials, and target an annual revenue of 120 billion won ($100 million) by 2025.
Solus Biotech supplies organic compounds to global manufacturers of cosmetic, food and pharmaceutical products. The firm commands 95 percent of the domestic ceramide market, a type of fat commonly used for skin care products to retain moisture.
Based on its expertise in organic compounds, Solus Biotech aims to develop a nano material that helps the delivery of an mRNA vaccine inside a human body.
By Kim Byung-wook (email@example.com