Wooridul Pharmaceutical Limited cancelled the acquisition of 11.6% stake in Access Bio, Inc. from Youngho Choi.
July 02, 2020
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Wooridul Pharmaceutical Limited (KOSE:A004720) signed a contract to acquire 11.6% stake in Access Bio, Inc. (KOSDAQ:A950130) from Youngho Choi for KRW 17 billion on July 3, 2019. Wooridul Pharmaceutical Limited will acquire 3.1 million shares at KRW 5430 per share. As of August 14, 2018, Wooridul Pharmaceutical Limited will acquire 9.83% stake in Access Bio, Inc. from Youngho Choi for KRW 13.9 billion. Wooridul Pharmaceutical Limited will acquire 2.66 million shares at KRW 5210 per share. Wooridul Pharmaceutical Limited will acquire 2.1 million share on July 3, 2019 and 1.025 million on August 21, 2019. In related transaction, Wooridul Pharmaceutical Limited agreed to acquire 2.1% stake in Access Bio from Youngho Choi and others on July 3, 2019. Combined consideration for both acquisition is KRW 20 billion of which KRW 10.5 billion will be paid on July 5, 2019 and KRW 9.5 billion will be paid on August 21, 2019. As of August 14, 2018, first payment of KRW 10.5 billion paid on July 5, 2019 and remaining on KRW 3.35 billion on August 21, 2019. Scheduled change date is August 21, 2019.
Wooridul Pharmaceutical Limited (KOSE:A004720) cancelled the acquisition of 11.6% stake in Access Bio, Inc. (KOSDAQ:A950130) from Youngho Choi on July 3, 2020.
PharmGen Science Inc, formerly Wooridul Pharmaceutical Ltd, is a Korea-based company principally engaged in the manufacturing and distribution of pharmaceuticals. The Companyâs products include antiepileptic agents, anti-inflammatory agents, antiphlogistic agents, central nervous system agents, urinary agents, antihistamine agents, antivirus agents, agents for bones, agents for livers, calcium agents, antibiotics, diabetes agents, respiratory agents, as well as over-the-counter (OTC) drugs, obesity drugs, health food and others. In addition, the Company is also engaged in the manufacturing, wholesale and retail distribution of functional cosmetics. The Company distributes its products within domestic market and to overseas markets.
PHARMGEN SCIENCE, INC. 
