Jaanhbio, Inc. (KOSDAQ:A221610) signed a contract to acquire Maehong L&F Co., Ltd. on May 24, 2021. Under the transaction, Jaanhbio will acquire 0.24 million shares of Maehong L&F Co., Ltd. Jaanhbio, Inc. announced a private placement of series 7 non-guaranteed private convertible bonds for gross proceeds of KRW 2.5 billion, which will be used to fund the acquisition of Maehong. when the merger with Maehong L&F Co., Ltd. is completed, the sales of the bio-healthcare division will greatly exceed the sales of the paint division, which is the main business, and will become Jaanhbio's main business. Maehong reported sales of KRW 15.3 billion and operating profit of KRW 800 million for the year ended December 31, 2020.