SillaJen "M2N Selected as Preferred Negotiation Partner... Main Contract to be Pursued Within a Month"

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jeong] SillaJen (CEO Ju Sang-eun, Shin Hyun-pil), which is looking for a new owner, announced on the 14th that it has selected M2N as the preferred negotiation partner following a competitive presentation for the selection of the preferred negotiation partner.

The two companies will sign an agreement for the main contract and coordinate the payment schedule and other details.

Earlier, on the 12th, M2N, BDI, and Huevecell participated in the SillaJen acquisition battle and competed. M2N received the highest score in a comprehensive evaluation including total investment amount, nature of capital, funding plan, clinical plan, and pipeline.

M2N was established in 1978 under the name DKDNI, engaged in steel drum manufacturing and sales, as well as various steel products, and was listed on the KOSDAQ market in 1997.

Last year, it held a general shareholders' meeting, changed its name to M2N, and launched a bio business. It launched M2N Bio and acquired GFB, a U.S.-based new drug development specialist company.

GFB includes Ajit Singh Gill, CEO who led the founding of Nektar Therapeutics, a U.S. Nasdaq-listed company, as well as R&D and regulatory experts such as Dr. Steve Morris, Dr. Michael Weichert, and Dr. David Ganelle.

In Korea, CEO Park Sang-geun, formerly of global pharmaceutical company Janssen, is leading the bio business.

M2N and GFB are conducting clinical trials of the ovarian cancer treatment 'GRN-300' at MD Anderson, the world's most prestigious cancer center.

A SillaJen official said, "After thorough review in various aspects, we selected a company that can maximize future value and represent the interests of shareholders," adding, "We will approach all processes with sincerity until the main contract."

SillaJen's stock trading was suspended in May last year as former CEO Moon Eun-sang and others were investigated on charges of embezzlement and breach of trust. The Korea Exchange discussed delisting SillaJen and granted a one-year improvement period at the corporate evaluation committee meeting in November last year. The equity sale will be conducted through a third-party allotment paid-in capital increase by issuing new shares.

A SillaJen official said, "We will proceed with the main contract with the preferred negotiation partner within a month and prepare for the resumption of stock trading with the exchange," adding, "Since the current executives including CEOs Ju Sang-eun and Shin Hyun-pil have submitted undated resignation letters, we plan to form a new board of directors through an extraordinary general meeting of shareholders thereafter."

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