NextBT and TCM Life Sciences Complete Comprehensive Stock Swap... "Securing 100% Stake in TCM"
[Asia Economy Reporter Hyunseok Yoo] NextBT announced on the 21st that it will acquire 100% of the shares of TCM Life Science through a comprehensive stock exchange method to enhance corporate value by strengthening future growth potential and improving management efficiency.
NextBT plans to make TCM Life Science a wholly owned subsidiary and actively enter the bio-healthcare business, focusing on the growth potential of the healthcare device business highlighted by the COVID-19 pandemic.
The stock exchange ratio between the two companies is 8.0857643 shares of NextBT for one share of TCM Life Science, with the shareholder confirmation date set for May 19 and the exchange date scheduled for July 17. NextBT acquired a 22.25% stake in TCM Life Science on the 31st of last month, becoming the largest shareholder. Once this stock exchange is completed, TCM Life Science will become a wholly owned subsidiary of NextBT.
TCM Life Science is a company that gained attention for developing the world's first innovative in vitro diagnostic device, the 'GainPad,' which allows self-diagnosis of HPV (human papillomavirus) causing cervical cancer and STDs (sexually transmitted diseases). Recently, it developed the COVID-19 diagnostic kit (TCM-Q Corona Ⅲ) and received export approval from the Ministry of Food and Drug Safety, exporting to major regions worldwide including the United States, Southeast Asia, and the Middle East.
NextBT's strategy is to combine molecular diagnostic technology with its existing healthcare food business to challenge the customized healthcare food market. Utilizing its domestic and international distribution networks, it plans to actively supply TCM Life Science's COVID-19 diagnostic kits and the GainPad, a self-diagnostic kit for female diseases, overseas.
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A company official stated, "By converting a high-growth affiliate supplying diagnostic kits worldwide into a wholly owned subsidiary, we have improved management efficiency and aggressively entered the bio-healthcare sector. We will leap forward as a total healthcare group centered on the parent company, BioLeaders, focusing on new drug development, diagnostics, and customized healthcare food."
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