The Board of Directors of OncoQuest Pharmaceuticals Inc. (KOSDAQ:A078590) announced to spin-off biotechnology division on May 18, 2021. Under the transaction, shareholders of OncoQuest Pharmaceuticals will receive 0.05165819 share of OQP Bio Co., Ltd. for every share held in OncoQuest Pharmaceuticals. Post completion, biotechnology division can be named as OQP Bio Co., Ltd. As of March 31, 2021, Biotechnology Division had total assets of KRW 257 billion and total equity of 2.23 billion. As a part of distribution, 83,006,958 new shares issued through spin-off. The shareholder's meeting scheduled on June 25, 2021. As of June 23, 2021, shareholders meeting of OncoQuest Pharmaceuticals is to be held on July 9, 2021. OncoQuest Pharmaceuticals transferred KRW 60.85 billion of receivables from the disposal of 2.5 million shares in OncoQuest Inc. to OQP Bio Co., Ltd. upon approval of the SpinCo. Completion is scheduled on July 27, 2021 and registration is planned on July 28, 2021. As of June 23, 2021, transaction is expected to close on August 11, 2021. As of July 2, 2021, transaction is expected to close on August 21, 2021. As of July 8, 2021, transaction is expected to close on August 25, 2021.