Yungjin Pharm. Co., Ltd. (KOSE:A003520) agreed to acquire KT&G Life Sciences for KRW 25.3 billion on April 7, 2016. Yungjin Pharm. Co., will issue 1 share for every 0.61 shares of KT&G Life Sciences. Yungjin Pharm will issue 6.02 million shares for the acquisition. KT&G Life Sciences had total assets of KRW 19.24 billion, revenue of KRW 1.24 billion and net loss of KRW 6.97 billion for the year ended December 31, 2015. KT&G Life Sciences will be dissolved after the merger. Yungjin Pharm. Co. will sign a contract to acquire KT&G Life Sciences on April 11, 2016. As per amendment signed on August 11, 2016, Yungjin Pharm. Co. will issue 1 share for every 0.5 shares of KT&G Life Sciences. Yungjin Pharm agreed to acquire KT&G Life Sciences for KRW 87.4 billion. General meeting of shareholders is expected to be held on September 30, 2016. The transaction is expected to close on July 1, 2016. The confirmed date of shareholders of the merger company was scheduled to be on August 25, 2016. The transaction is now expected to complete on November 1, 2016. Ernst & Young Han Young acted as an external valuer in the transaction.

As of December 13, 2016, the transaction was approved by the board of Yungjin Pharm. Co., Ltd. The transaction is now expected to be completed on January 13, 2017.

Yungjin Pharm. Co., Ltd. (KOSE:A003520) completed the acquisition of KT&G Life Sciences January 13, 2017.