Chuggei acquisition plan hit snag

The acquisition plan of Chunggei Pharmaceutical Co. was rejected by Schnell Life Science’s board of directors meeting on October 19 due to lack of a quorum, pharmaceutical sources said.

Last month, Schnell said in its regulatory filing that it would acquire Chunggei’s employment, contracts, assets and liabilities, with an investment of 9 billion won.

Schnell planned to strengthen its comp...