HLB Life Science Co., Ltd. completed the acquisition of an additional 8.85% stake in LSK BioPartners, Inc.
November 27, 2019
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HLB Life Science Co., Ltd. (KOSDAQ:A067630) agreed to acquire an additional 8.85% stake in LSK BioPartners, Inc. for $24.9 million on October 15, 2019. Under the terms of the transaction, HLB Life Science will acquire 0.33 million shares in LSK BioPartners for $4.9 million in cash and 0.33 million shares of HLB Life Science. HLB Life Science will also make an earnout payment of $7.9 million at the time of NDA application and NDA approval for riboseranib gastric tertiary therapy in progress. LSK BioPartners had total assets of KRW 18.9 billion ($17 million), net assets of KRW 13.9 billion ($12.5 million) and net loss of KRW 16.3 billion ($14.7 million). Transaction is expected to close on November 27, 2019. Jason M. Skolnik, Tim Conroy, Jeff Guise, Jonathan Zhu, Derek E. Wallace, Ian B. Edvalson and Brandon M. Gantus of Wilson Sonsini Goodrich & Rosati acted as the legal advisor to LSK BioPartners.
HLB Life Science Co., Ltd. (KOSDAQ:A067630) completed the acquisition of an additional 8.85% stake in LSK BioPartners, Inc. on November 27, 2019. Pursuant to the transaction, LSK became a wholly-owned subsidiary of HLB.
HLB Life Science Co., Ltd. is a Korea-based company mainly engaged in the sale of pharmaceuticals. Along with subsidiaries, the Company operates its business through four segments. The Pharmaceutical Distribution segment is involved in the sale of pharmaceuticals and raw materials through SHINWHAADVANCE.CO.LTD. The Energy Business segment is engaged in energy service company (ESCO) business. It is equipped with equipments, assets and technical personnel to engage in energy saving investment business. The Bio Development segment is engaged in the development of extracorporeal circulation type bio space, hepatocyte treatment agents and hemostatic agents. The main products include anticancer drugs such as Tegatrabetan and Seclidemstat. The Other Business segment is involved in the investment of small business start-ups and venture businesses, as well as manufacturing and sale of light emitting diode (LED) products.