SG Dealbook: AsiaMedic to acquire LuyeEllium; ASLAN Pharma to list in Taipei

Singapore's Marina Bay Sands at night

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.