Dongwon Industrial was selected as the preferred bidder for the sale of Boryung Biopharma's management rights
This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology
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stockmk2020@alphabiz.co.kr | 2023-02-23 20:39:12
[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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