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[Alpha Biz=(Chicago) Reporter Kim Jisun] Dongwon Group, famous for tuna cans and Dongwon tuna, is reaching out to the bio-industry that develops vaccines and new drugs.

Dongwon Industrial, a holding company of Dongwon Group, announced on the 23rd that it was selected as the preferred bidder for the sale of Boryeong Biopharma management rights of Boryung Group and signed a memorandum of understanding with Boryeong Partners.

Boryung Partners is the largest shareholder with a 62.29% stake in Biopharma and plans to sell a 100% stake in Boryung Biopharma, including the stake of CEO Kim Jung-kyun, the third-generation owner of Boryeong Group.

Earlier, it was confirmed that Boryung Partners and Samil PwC, the organizer of the sale, conducted a preliminary bid last month, omitted to select a 'qualified candidate' (shortlist) and gave Dongwon Industry a chance to conduct due diligence alone.

The sale price mentioned in the market is around 500 billion won. Dongwon Industrial will form a consortium with Korea Investment Private Equity (Korea Investment PE) and Korea Investment Partners to take over.

 

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