[Alpha Biz=(Chicago) Reporter Kim Jisun] The sale of Boryung Biopharma promoted by Boryung Partners of Boryung Pharmaceutical Group failed.

This is the result of failing to narrow differences with Fine Asset Management over the sale price of 450 billion won.

According to the investment banking (IB) industry on the 9th, negotiations between Boryung Partners and Fine Asset Management, which were recently in the process of selling Boryung BioPharma, broke down.

The two sides have been negotiating a 100% stake in Boryung BioPharma. The stakes of Boryung Partners (69.29%), the largest shareholder of Boryung Biopharma, and Kim Jung-kyun (1.78%), the CEO of Boryung Partners and the third generation of Boryung Group, were included.

While the two sides failed to narrow their differences over the sale price of KRW 450 billion, it has been confirmed that Boryung Partners notified Fine Asset Management of the cancellation of the selection of the preferred bidder for the acquisition on the 31st of last month.

Since then, Boryung Partners has hoped to proceed with negotiations on the sale with Fine Asset Management, but Fine Asset Management has decided not to respond to negotiations any more.

Founded in 1991, Boryung Biopharma is a company that develops new vaccine drugs. Boryung Biopharma recorded consolidated sales of 159 billion won and operating profit of 16.2 billion won last year. Net profit for the current term is 7.2 billion won.

 

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