[Apha Biz=(Chicago) Reporter Paul Lee] SK Bioscience will invest about 85 million dollars (about 112.2 billion won) in Novavacs, a US new drug developer.

"We signed a new contract with SK Bioscience to develop the relationship between the two companies from a consignment production contract to a strategic business partnership," Novavacs said in its second-quarter earnings announcement on the 8th (local time).

The issue price of new shares was calculated by reflecting a premium of 59% on the weighted average price (VWAP) over the previous 90 days.

As a result, SK Bioscience's equity investment in Novavacs totaled $ 845 billion (about 111.5 billion won).

The contract was signed by Novavacs to clear its debt under a contract with SK Bioscience to produce a COVID-19 vaccine.

Novavacs said it will pay SK Bioscience 65 million dollars (about 86 billion won) in cash with the issuance of 6.5 million new shares.

Through this, Novavacs explained that it settled 195 million dollars (about 257.4 billion won) in consignment production debt at 154 million dollars (about 203.2 billion won).

 

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