Medipost Terminates Joint Venture Agreement Due to Contract Breach by Chinese Partner
[Asia Economy Reporter Lim Hye-sun] Medipost announced on the 19th that it has terminated the joint venture (JV) establishment contract due to the local Chinese partner's breach of contract.
On December 9, 2014, Medipost signed a joint venture (JV) establishment contract with a local Chinese bio company to enter the Chinese market with Cartistem, a stem cell treatment for knee osteoarthritis. Both parties agreed to invest 50% each of the total capital of 7.84 billion KRW (7 million USD).
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Medipost stated, "The local partner, a Chinese bio company, failed to fulfill the obligations agreed upon in the contract. We extended the capital payment deadline four times (end of 2017, end of 2018, end of 2019, end of 2020) and urged them to fulfill their contractual obligations based on the principle of good faith, but since the local partner still did not properly fulfill their obligations, we have notified the final contract termination."
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