BrainContents Completes Acquisition of Medipron Management Rights
Payment of Remaining Balance for Management Rights Transfer... New Appointment of Executives
Active Support for Growth into a Bio Company Developing New Drugs with Strong Fundamentals
Additional New Share Investment through Third-Party Allocation Delayed by One Week Due to Additional New Share Allottees
[Asia Economy Reporter Hyungsoo Park] Brain Contents announced on the 24th that it has completed the acquisition of management rights of the new drug development bio company Medipron.
Brain Contents conducted due diligence for a month after signing a management rights transfer contract with Medipron's largest shareholder last month. The acquisition process was completed on the 24th by completing the payment of the remaining balance along with the appointment of new management at the shareholders' meeting held on the same day.
Medipron is currently also conducting a third-party allotment paid-in capital increase. Once the capital increase is completed, the largest shareholder will change. Initially, only Brain Contents and its subsidiary Global Tax Free planned to participate in the capital increase, but for business synergy, the natural cosmetics brand Swanicoco also decided to participate. The scheduled payment date for the capital increase funds is the 1st of next month. After the payment, the largest shareholder will change to Brain Contents. The shareholding ratio including related parties is 19.69%.
Moon Jongwook, CEO of Brain Contents, said, "The paid-in capital increase, which was scheduled for the same day as the completion of the management rights transfer, was postponed by one week due to the addition of new share allottees for business synergy," adding, "Although the payment was delayed due to the addition of new share allottees, there will be no problem with the payment of the capital increase funds scheduled for April 1."
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He also added, "As the largest shareholder with stable financial strength and shareholding ratio, we will spare no effort to actively support Medipron's growth."
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