[Alpha Biz= Reporter Kim Jisun] HLB Group announced on October 28 that it would acquire Genofocus, a biotechnology company specializing in enzyme production. Genofocus is the only company in South Korea producing customized specialty industrial enzymes.
According to Genofocus' disclosure, HLB, along with six affiliated companies including HLB Panagen, HLB Life Science, HLB Therapeutics, and HLB Investment, will acquire a 26.48% stake in Genofocus, securing management rights.
Under this acquisition structure, HLB and its affiliates will invest 25 billion KRW (approximately $250 million USD) through stock purchases and capital increases. Additionally, an investor group will invest 55 billion KRW (approximately $550 million USD) through convertible bonds, bringing the total investment to 80 billion KRW (about $800 million USD). Through this deal, Genofocus will secure around 70 billion KRW (roughly $700 million USD) in new funding, which it plans to leverage to accelerate its global expansion.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
