YiFan International Pharmaceutical Co., Limited made a pre conditional offer to acquire SciGen Ltd (ASX:SIE) from BIOTON S.A. (WSE:BIO) and others for $28 million on May 15, 2018. YiFan International Pharmaceutical Co., Limited will acquire all the shares of SciGen at $0.0507 per share in cash. As of May 15, 2018, YiFan International Pharmaceutical does not hold any shares in SciGen and BIOTON S.A holds 95.57% stake in SciGen. BIOTON S.A. made an irrevocable undertaking to accept the offer. YiFan International Pharmaceutical intends to compulsory acquire the remaining shares if it reaches a threshold of 90% stake in SciGen and to delist SciGen Ltd after the close of offer. The making of offer is subject to fulfillment of pre-conditions of obtaining all authorizations, clearances, orders, confirmations, consents, exemptions, grants, permissions, registrations, filings, recognitions, clearances and other approvals from the National Development and Reform Commission of the People’s Republic of China (PRC), the Ministry of Commerce of the PRC and the State Administration of Foreign Exchange of the PRC, obtaining approval from the shareholders of Bioton S.A and obtaining all authorizations, clearances, approvals, consents, waivers and exemptions (as the case may be) from HSBC Bank Polska S.A., ING Bank Slaski S.A., Bank Ochrony Srodowiska S.A. and Bank of China (Luxembourg) S.A., Poland Branch. The offer is subject to minimum acceptance of not less than 90% stake in SciGen. The Securities Industry Council of Singapore confirmed that it has no objection to the offer being subject to the pre-conditions. The pre-conditions must be satisfied by November 15, 2018. On June 7, 2018, the Supervisory Board of BIOTON S.A. approved the transaction and recommended the shareholders to vote in favor of the transaction. On June 11, 2018, the shareholders of BIOTON S.A. approved the transaction. On June 11, 2018, the transaction obtained all authorizations, clearances, approvals, consents, waivers and exemptions from ING Bank Slaski Spólka Akcyjna, Bank Ochrony Srodowiska S.A., Bank of China (Luxembourg) S.A. Spólka Akcyjna Oddzial w Polsce (Warsaw), and HSBC Bank Polska S.A. As of July 3, 2018, the pre-conditions of the offer were satisfied. As of July 11, 2018, YiFan International Pharmaceutical Co., Limited received valid acceptances of not less than 90% of total number of shares so it is entitled, and intends, to exercise its right of compulsory acquisition to compulsorily acquire all the shares of shareholders who have not accepted the offer at the offer price for each share. The offer was declared unconditional in all aspects on July 11, 2018. As of August 6, 2018, SciGen Ltd is scheduled to delist from the stock exchange on August 28, 2018. As on July 9, 2018, the offer will be closed on August 7, 2018. SAC Capital Private Limited acted as a financial advisor to YiFan International Pharmaceutical and Crowe Horwath Capital Pte Ltd acted as a financial advisor to SciGen Ltd. Tim Flahvin and Venks Ananthakrishnan of Thomson Geer acted as legal advisors to YiFan International Pharmaceutical Co., Limited and SciGen Ltd. YiFan International Pharmaceutical Co., Limited completed the acquisition of SciGen Ltd (ASX:SIE) from BIOTON S.A. (WSE:BIO) and others on August 7, 2018. YiFan International Pharmaceutical Co., Limited received valid acceptances for 540.6 million shares of SciGen Ltd (approximately 97.86%) and it will exercise its option for compulsory acquisition of remaining shares on or after August 21, 2018. As on August 21, 2018, YiFan International Pharmaceutical Co., Limited exercised its right of compulsory acquisition to acquire all the shares of SciGen Ltd. As of August 27, 2018, YiFan International Pharmaceutical Co., Limited completed the compulsory acquisition and SciGen Ltd became a wholly owned subsidiary of YiFan International Pharmaceutical Co., Limited.