CrystalGenomics to acquire 20.43% of PanGen Biotech for KRW 24bn
- Deal value
- $17m
- Stake
- 20.43%
- Implied 100%
- $81m
- Revenue
- $5m
- Op. income
- -$2m
- Multiples
- PSR 14.9x
Deal value ÷ stake (structure unconfirmed)
2021 별도 · DART-verified
2021 별도 · DART-verified
On implied equity value
DART 20220316000657
- Target
- PanGen Biotech · Biosimilars & CMO
- Buyer
- CrystalGenomics · SI
- Seller
- —
- Structure
- —
- Announced
- Nov 22, 2022
- Closed
- —
- Stage
- Announced
Target
PanGen Biotech is a KOSDAQ-listed biotech with proprietary CHO cell-line protein expression technology, an EPO biosimilar ('Erysa') and GMP facilities used for CMO services. It operates a joint venture with a Malaysian government agency and state pharma company Duopharma.
Deal rationale
CrystalGenomics said the acquisition would expand its biobetter and novel biologics pipeline and increase corporate value. An official said the company aims to become a 'total bio company' spanning R&D, production and distribution, and Bizwatch reported the deal also aimed to expand overseas sales of Acelex via PanGen's Malaysian JV. The KRW 11,000 per-share price was reported as a 48% premium to the prior close (KRW 7,420).
| Revenue | $5m |
| Operating income | -$2m |
| EBITDA | — |
| Net income | — |
2021 별도 · DART-verified · 20220316000657
Press coverage
- 이투데이 (2022-11-22): “팬젠을 240억 원 인수한다고 22일 밝혔다.”
- 비즈워치 (2022-11-24): “239억9999만원… 취득 전 최대주주는 김영부 씨 외 9인”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.