Medipost Changes Major Shareholder to Private Equity Fund... Secures 20.7% Stake
Funding of 140 Billion KRW
[Asia Economy Reporter Kwon Jae-hee] Medipost announced on the 17th that its largest shareholder will change to a consortium of domestic private equity firms Skylake Equity Partners and Crescendo Equity Partners.
Skylake and Crescendo will invest a total of 140 billion KRW in two rounds through a third-party allotment funding method. The two companies will jointly invest 70 billion KRW in convertible bonds, and if Medipost signs an investment contract with the North American cell and gene therapy contract development and manufacturing organization (CDMO) company with which it is in exclusive negotiations, they will additionally acquire 70 billion KRW worth of voting convertible preferred shares. The lock-up period for the investment funds is one year.
A stock purchase agreement was signed for a total of 400,000 Medipost shares held by CEO Yang Yoon-sun, the largest shareholder. The payment will be made according to the fulfillment of the convertible bonds and convertible preferred shares investment conditions.
Upon completion of the investment, the two companies will become the largest shareholders jointly holding a total of 20.7% of Medipost shares, including voting convertible preferred shares. They plan to participate in management alongside CEO Yang. If the convertible bonds are converted into common shares, the largest shareholder's stake will further increase.
Of the funds secured this time, 85 billion KRW will be invested in the North American cell and gene therapy CDMO company, and 55 billion KRW will be used for U.S. clinical trials of knee osteoarthritis treatments such as 'Cartistem' and 'SMUP-IA-01' to accelerate entry into the local market.
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A Medipost official said, "This funding means that we have secured a largest shareholder who can actively support overseas business, laying the foundation to maximize corporate value."
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