Sjk Partners signed a contract to acquire 4.96% stake in GenNBio Inc. (KOSDAQ:A072520) from Kyung Dong Pharmaceutical Co., Ltd. (KOSDAQ:A011040) for KRW 9 billion on May 30, 2019. Under the terms of transaction, Sjk Partners will acquire 3.34 million shares at KRW 2700 each. A deposit of KRW 903 million will be made on May 31, 2019; and balance of KRW 8.1 billion on June 28, 2019.

As on June 28, 2019, the balance of KRW 8.1 billion will be paid on September 27, 2019. Upon completion, Sjk Partners will hold 3.34 million shares and Kyung Dong Pharmaceutical Co., Ltd. will not hold any stake in GenNBio Inc. The transaction is expected to be completed by June 28, 2019. As on June 28, 2019, the transaction is expected to close on September 27, 2019.