SunBio Corporation cancelled the acquisition of Daewoo Special Purpose Acquisition 2 Co., Ltd. in a reverse merger transaction.
May 18, 2015
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SunBio Corporation agreed to acquire Daewoo Special Purpose Acquisition 2 Co., Ltd. (KOSDAQ:A204440) in a reverse merger transaction on March 30, 2015. For each share of Sunbio, 11.1859259 shares of Daewoo Special Purpose Acquisition 2 Co., Ltd. shall be issued. Daewoo Special Purpose Acquisition 2 Co., Ltd. will issue 41.67 million shares for the merger. Upon completion, Daewoo Special Purpose Acquisition 2 Co., Ltd. will survive and Sunbio Inc. will be dissolved after the merger and the medical supplies manufacturing business managed by SunBio Corporation will be the core business of Daewoo Special Purpose Acquisition 2 Co., Ltd. Daewoo Special Purpose Acquisition 2 Co., Ltd.'s name, purpose of the business, headquarters, etc. will be changed to SunBio Corporation's company name, purpose of business and headquarters. The Board of Directors of Daewoo Special Purpose Acquisition resolved the deal. Daewoo Special Purpose's shareholder meeting for approval of the deal is expected to be held on July 8, 2015. The transaction is expected to be completed by August 11, 2015 with notification date of closing of merger being August 13, 2015 and new shares listing date of August 18, 2015. BDO Daejoo LLC acted as valuer in the deal.
SunBio Corporation cancelled the acquisition of Daewoo Special Purpose Acquisition 2 Co., Ltd. (KOSDAQ:A204440) in a reverse merger transaction on May 19, 2015. The deal was cancelled in accordance with the agreement due to internal conditions of Sunbio following its cancellation of preliminary listing evaluation for merger in the process of the preliminary listing evaluation for merger by Korea Exchange which was part of the prerequisite conditions of the merger.
SunBio,Inc. is a Korea-based company mainly engaged in the production and sale of biopharmaceuticals. The Company operates its business through three segments. The Polyethylene Glycol (PEG) Derivative Product business segment is involved in the manufacturing and sale of PEG derivative products. The PEG derivatives are intermediate materials used in dermal filler, drug delivery systems, hydrogel, and nanotechnology. The Biosimilar Business segment is involved in the manufacturing and sale of royalty and technology transfer products. The main products are neutropenia treatment products, and hepatitis C treatment products. The New Drug Development Business segment is involved in the development of oxygen carriers, artificial blood, stroke aid agents, cartilage synovial fillers, dry mouth treatment drugs, and long-term preservatives.
SUNBIO,INC. 