NongWooBio Co., Ltd. (KOSDAQ:A054050) agreed to acquire 90% stake in Sanglim Co., Ltd. from Wonchang Lee and others for KRW 9.7 billion on June 22, 2017. The consideration will be paid in cash. 10% of the consideration was paid as deposit on June 22, 2017 and the remaining 90% of the consideration will be paid on July 4, 2017. NongWooBio will acquire a total of 0.08 million shares of Sanglim and Wonchang Lee will sell 0.04 million shares (40.3% stake) of Sanglim. For the year ended December 31, 2016, Sanglim reported total assets of KRW 7.5 billion, total capital of KRW 3.3 billion, sales of KRW 6.7 billion and net profit of KRW 345 million. Resolution for the transaction was passed by the Board of Directors of NongWooBio on June 22, 2017. Scheduled acquisition date is July 4, 2017.