WSI Co., Ltd. (KOSDAQ:A299170) agreed to acquire 67% stake in Intro Biopharma Co., Ltd. from Synergy Innovation Co., Ltd. (KOSDAQ:A048870), Seok-yong Park, Hyeong-geun Kim, Sejun Kim, Se-sil Kim and Highfly Co., Ltd. for KRW 18.8 billion on May 3, 2024. The consideration consists of KRW 18.8 billion in cash. As part of the consideration, KRW 18.8 billion was paid towards common equity for the acquisition of 0.1 million shares.

Under the terms, a down payment of KRW 1.9 billion shall be paid at closing while interim payment of KRW 5.6 billion will be paid on May 30, 2024 and the balance of KRW 11.3 billion shall be paid on June 14, 2024. The consideration shall be funded by WSI through own reserve funds and future raised funds by investment attraction. The transaction is expected to complete on May 3, 2024.