[Alpha Biz= Reporter Kim Sangjin] Dongwha Pharm has decided to cancel its acquisition of the medical beauty device company, Hyronic, which was valued at approximately 1.6 trillion KRW.
In September, Dongwha Pharm entered into a stock purchase agreement to acquire a total of 8.38 million shares (45.09%) of Hyronic from its largest shareholder, CEO Lee Jin-woo, and his related party, Lee Eun-sook, at a price of 14,400 KRW per share, totaling 120.7 billion KRW.
Additionally, Hyronic had planned to issue 5.59 million shares of redeemable convertible preferred stock worth 40 billion KRW to Dongwha Pharm as part of a third-party allocation, which would have given Dongwha Pharm a 57.8% stake in the company.
Hyronic, a medical beauty device company founded in 2007 by CEO Lee Jin-woo, was listed on KONEX in 2013 and moved to the KOSDAQ market in 2014. In the previous year, the company reported 30 billion KRW in revenue, 5.6 billion KRW in operating profit, and 8.4 billion KRW in net profit.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
