SYN-TECH Chem. & Pharm. Co., Ltd. (GTSM:1777) agreed to acquire API synthesis department of Standard Chemical from Standard Chem & Pharm CO., LTD. (TSEC:1720) for TWD 341 million on March 16, 2021.

The transaction will be settled by exchange of 4.5 million shares of SYN-TECH of NTD 75.24 per share. If there is insufficient exchange for one share, SYN-TECH shall, within 30 days after completing amendment registration, pay the difference between assessed business value and the share value in cash to SCP at once. The deal is subject to Standard Chemical obtaining approval from shareholders and is expected to close on October 1, 2021.

As of August 3, 2021, the new tentative base date for the spin-off is amended and approved by the board of directors as July 1, 2022, and it will be submitted to the shareholder meeting of year 2021 for discussion.