JW Pharmaceutical to Acquire 100% Stake in Solidus Investment for 30.728 Billion Won

JW Pharmaceutical will acquire the entire stake in its affiliate Solidus Investment for 30.728 billion won.

JW Pharmaceutical disclosed that it held a board meeting on the 29th and decided to acquire 2 million shares of Solidus Investment Co. for 30.728 billion won in cash.

After the acquisition, JW Pharmaceutical will hold a 100% stake. The scheduled acquisition date is today.

The company said the purpose of the acquisition was to "accelerate open innovation and secure new growth drivers."

The acquisition price represents 8.32% of JW Pharmaceutical's equity capital (369,369,599,885 won) and 5.08% of its total assets at the end of the most recent fiscal year (605,273,167,595 won).

Solidus Investment is an affiliate engaged in other financial investment activities, and its representative is Jeong-hyeon Kim.

As of the end of last year, the company's total assets were 35,109,869,272 won and total liabilities were 6,005,311,040 won. It recorded revenue of 7,187,961,493 won and net income of 1,178,327,581 won.

The previous year, it posted a net loss of 91,717,258 won on revenue of 3,464,109,473 won, but returned to profitability last year.