AsiaMedic is acquiring a South Korean medical services firm and ASLAN Pharma is conducting its initial public offer on the Taipei bourse.
AsiaMedic to acquire SK firm LuyeEllium in S$42.2m deal
AsiaMedic will be acquiring South Korean medical services firm LuyeEllium for a consideration of S$42.2 million. The purchase consideration will be fully satisfied through the issue of 527.1 million new shares at 0.8 cents each.
According to details in an AsiaMedic filing on Friday, LuyeEllium provides non-clinical support and consultancy services to medical institutions in South Korea and China. For H1 2016, LuyeEllium posted earnings of KRW1.55 billion (S$1.9 million) and posted a net asset value of KRW3.85 billion.
The company explains that the acquisition will enable it to increase the array of healthcare services offered as well as its geographic footprint. The purchase consideration accounts for the profit guarantee for the financial years from 2016 to 2020 ended December of between KRW2.8 billion to KRW3.5 billion, and the RMB131.6 million paid by Luye Medical Group for a 70 per cent stake in LuyeEllium in December 2015.
As the transaction constitutes a very substantial acquisition and an interested person transaction, the transaction remains subject to due diligence by the company, approvals from the Singapore Exchange, and approvals from the shareholders at an extraordinary general meeting.
Post-completion, LuyeEllium will be a wholly-owned subsidiary of AsiaMedic.
ASLAN Pharma to list in Taiwan
Biotechnology firm ASLAN Pharmaceuticals has secured approval to list on the Board of Taipei Exchange (TPEx).
The biotech company is focused on the development of immunotherapies and targeted agents for Asia prevalent tumour types, today announced that it has received approval from the Board of Taipei Exchange (“TPEx”) to list on TPEx.
It raised a $23 million pre-IPO investment in July 2016 that saw it receive backing from leading Taiwan institutional funds such as TopTaiwan, KGI VC and Ta Ya Ventures, the venture capital arm of the Ta Ya Group, in addition to several international institutional funds.
It was reported at the time that the proceeds from this transaction would fund clinical development of ASLAN’s pipeline of four novel therapeutic agents that have the potential to treat tumour types highly prevalent in Asia.
ASLAN applied for the listing with Qualified Technology Enterprise (QTE) status with a paid-in capital of NT$1,157 million ($36.5 million). ASLAN is represented by legal firm K&L Gates, and has appointed KGI Securities as the lead underwriter for the listing.