Dongwon Industry withdrew its acquisition of Boryung Pharmaceutical

Dongwon Industry withdrew its acquisition of Boryung Pharmaceutical: COMPANY / Reporter Kim Jisun / 2023-03-23 06:05:46

This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology

보령바이오파마 진천공장 전경 (사진=보령)

[Alpha Biz=(Chicago) Reporter Kim Jisun] Dongwon Industrial's bid to acquire Boryung Pharmaceutical has finally failed.

Dongwon Industry, which previously received exclusive priority negotiations for the Boryung Pharmaceutical, withdrew its rights.

Boryung Pharmaceutical is expected to determine the final acquisition candidates through competitive bidding by multiple acquisition candidates.

According to the Financial Supervisory Service's electronic disclosure system on the 22nd, Dongwon Industry announced that the exclusive priority negotiation right granted on February 23 regarding the acquisition of Boryung Pharmaceutical was terminated by an agreement between the two companies. Dongwon Industrial said it has made a final decision not to take over the case.

The due diligence on Boryung Pharmaceutical was in progress, but the final acquisition was reportedly canceled due to differences in opinions between the seller and the buyer.

With Dongwon Industrial withdrawing its exclusive preferential negotiations, Boryung Pharmaceutical Group is expected to find a place to sell Boryung Pharmaceutical through competitive bidding among multiple acquisition candidates who submitted their letter of intent (LOI).