Pharma & Bio secures 27.84% stake in Hwa Il Pharmaceutical, becomes largest shareholder

Pharma & Bio New Technology Investment Partnership has secured a 27.84% stake in Hwa Il Pharmaceutical, becoming its largest shareholder.

According to the Financial Supervisory Service’s electronic disclosure system (DART) on the 18th, Pharma & Bio New Technology Investment Partnership disclosed that it had purchased 2,343,750 shares of Hwa Il Pharmaceutical in an over-the-counter transaction. Its holding represents 27.84% of the 8,417,584 issued shares with voting rights.

The acquisition was newly reported following the signing of an over-the-counter stock purchase agreement. The counterparties were Osung Advanced Materials and Kumho HT, which sold 1,654,020 shares (19.65%) and 689,730 shares (8.19%), respectively.

The purchase price was 32,000 won per share, and the total acquisition cost of 75 billion won was funded by contributions from partnership members. The contract period runs from the 15th through the day before the shareholders’ meeting.

Pharma & Bio New Technology Investment Partnership is a new technology investment partnership established under the Specialized Credit Finance Business Act. Its managing partner is Eastgate Investment. Dynamic Solution is its largest contributor, with a 100% contribution share.

The reporting party said regarding its purpose for holding the shares, “Specific plans regarding influence over management have not been determined,” adding, “If matters related to the company’s business operations arise in the future, we plan to consider relevant actions in line with management objectives, to the extent permitted by applicable laws and regulations.”

More details about the agreement are available in Hwa Il Pharmaceutical’s disclosure on the 15th titled “Signing of a Stock Purchase Agreement Involving a Change in the Largest Shareholder.”