[Alpha Biz=(Chicago) Reporter Kim Jisun] KOSDAQ-listed PCL is expected to be virtually excluded from the acquisition of vaccine company Boryeong Biopharma. This is because PCL has violated the originally promised deadline for raising funds.

According to the investment banking (IB) industry on the 2nd, the sale of Boryeong Biopharma will exclude PCL, which was scheduled to participate as a strategic investor (SI).

PCL, a developer of in vitro diagnostic medical devices for immunodiagnosis, was planning to acquire a 90% stake in Boryeong BioPharma for about 360 billion won in partnership with KR & Partners (financial investor, FI), which was selected as the preferred bidder for the sale of Boryeong BioPharma.

Of the 360 billion won, the initial plan was for PCL to meet 80 billion won in the bottom and 140 billion won in the middle, and to raise 140 billion won in acquisition financing in order to fill 360 billion won.

The problem is that PCL has not been able to raise 80 billion won.

Some say that it was too much in the first place for PCL, which has a market capitalization of less than 100 billion won, to try to acquire Boryeong BioPharma, which has a body value of 400 billion won.

Although PCL benefited from COVID-19 and recorded sales of 53.7 billion won and operating profit of 25.7 billion won in 2020, it recorded sales of 37.2 billion won and operating loss of 8.3 billion won in 2022 due to the downward trend since COVID-19.

This time, the company sought to diversify its business through the acquisition of vaccine company Boryeong Biopharma, but its stock price has recently fallen sharply as the acquisition has virtually failed due to a failed financing.

Shares of PCL, which jumped to 4,385 won on Dec. 18 last year on news of the acquisition of Boryeong Biopharma, have now fallen to the 1,600 won level.

 

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