BDI "Will Proceed with US Ellison Acquisition as Planned"

[Asia Economy Reporter Hyunseok Yoo] VIDI has completed the evaluation of the pipeline through due diligence of the U.S. new drug development company Eleison and is accelerating the final steps for acquisition by entering the full-scale acquisition price calculation.

VIDI announced on the 30th that it received a due diligence report on the pipeline of the U.S. new drug development company Eleison from an accounting firm. However, the company explained that as the pipeline evaluation and due diligence took longer than expected, the acquisition schedule was delayed, and the payment date for the convertible bonds and bonds with warrants for acquisition funding was postponed by one month to the end of July.

VIDI officially began the acquisition process of Eleison by signing a memorandum of understanding in May. Earlier this month, after on-site due diligence, it received an evaluation report on the pipeline held by Eleison and based on this, entered the full-scale acquisition price calculation procedure.

On the 26th, through an extraordinary general meeting of shareholders, VIDI added the bio business to the articles of incorporation's business objectives and appointed CEO Kim Ilgang, who has been leading the Eleison acquisition, as co-CEO. Additionally, Edwin Thomas, CEO of Eleison, was appointed as an inside director, completing all preparations for the Eleison acquisition.

A VIDI official stated, “Although there are market concerns that the Eleison acquisition may face difficulties, considering the series of procedures carried out so far, such as on-site due diligence, pipeline valuation, and appointment of key executives through the extraordinary general meeting, it can be seen that the acquisition is proceeding as planned. If there were problems with the acquisition, there would be no reason to go through these processes, so it is unreasonable to view the risk of acquisition as high simply because of the postponement of the payment date for convertible bonds, etc.”

He added, “Funding is proceeding without any issues, and there is a high possibility that payment will be made earlier than the publicly announced date. Through related procedures, once the Eleison acquisition is completed, we will smoothly proceed with the Phase 3 clinical trial of ‘Glufosamide,’ a second-line treatment for pancreatic cancer, and pursue the FDA NDA (New Drug Application).”

This content was produced with the assistance of AI translation services.