BioNexus Gene Lab Corporation (OTCPK:BGLC) agreed to acquire Chemrex Corporation Sdn. Bhd. for approximately $160 million on December 24, 2020. Under terms, BioNexus Gene Lab Corporation will issue 68.48 million shares. As of December 31, 2019 Chemrex Corporation Sdn. Bhdgenerated a revenue of $15.6 million and net income of $.30 million. As of December 31, 2019 Chemrex Corporation Sdn. Bhd reported revenue of $15.42 million, shareholder's equity of $4.294905 million and net income of $0.54 million. Post acquisition Chemrex will become wholly-owned subsidiary of BioNexus. The transaction is subject to regulatory approvals. The transaction is expected to close on December 31, 2020.