Largest shareholder of Medipost changed to a private equity

...compay secures ₩140 billion

Provide ₩140 billion’s worth of paid-in capital increase and CB to Skylake Equity Partners and Crescendo Equity Partners

CEO Yoon-sun Yang sells 400,000 shares at ₩90 billion

Skylake etc. to secure 32.7% of Medipost shares by investing ₩230 billion

View of Medipost HQ

The largest shareholder of the bio venture company Medipost will be changed from the founder and CEO Yoon-sun Yang to a private equity consortium.

 

Medipost plans to receive an investment of approximately ₩140 billion from a private equity fund to invest in its cell and gene therapy business.

 

On the 17th, Medipost announced that it had signed an investment agreement worth ₩140 billion with Skylake Equity Partners and Crescendo Equity Partners.

 

Under the agreement, Medipost will issue a paid-in capital increase through a third-party allotment worth ₩70 billion to Skylake and Crescendo.

 

A total of 374,314 shares will be newly issued.

 

Medipost will issue registered non-guaranteed private Equity Convertible corporate bonds worth ₩35 billion each to Skylake and Crescendo.

 

Skylake and Crescendo etc.

 

will be investing ₩140 billion just in paid-in capital increase and convertible bonds alone.

 

Medipost’s largest shareholder had been CEO Yoon-sun Yang, who had owned 1,001,002 shares (6.16%).

 

However, with the capital increase alone, the number of shares owned by Skylake and Crescendo exceed the number owned by CEO Yang, thereby changing the largest shareholder of the company.

 

In addition, Yang had transferred 400,000 shares to Skylake, etc.

 

at ₩90 billion.

 

When the conversion of convertible bonds to common stocks is complete in addition to the paid-in capital increase the shares bought, Skylake, etc.

 

will own 32.7% of Medipost’s shares.

 

In total, Skylake, etc.

 

is investing ₩230 billion for the acquisition of Medipost shares.

 

Medipost plans to invest ₩85 billion of the secured funds in gene cell therapy CDMO company based in the North American region.

 

Currently, Medipost is in exclusive negotiations with a CDMO company to sign an investment agreement within May this year.

 

The company plans to invest 55 billion won in clinical trials conducted for the osteoarthritis treatment Cartistem and SMUP-IA-01 in the US to accelerate its entry into the US osteoarthritis treatment market.

 

Medipost has pointed to the CDMO business for gene cell therapy as the optimal new The company expects that the business will serve as a production base that can produce and supply clinical regents for Cartistem and SMUP-IA-01 in the US, as well as efficiently manage the manufacture and supply of the company’s products after marketing approval.

 

A Medipost official said, “This funding is significant in that we were able to secure a shareholder who can actively support overseas businesses, based on which we could aggressively promote businesses overseas and maximize corporate value.” An official from Skylake said, “We evaluated Medipost's global potential for global expansion highly as the company owns world-class stem cell screening and culture technology and promising stem cell therapies such as Cartistem, and decided to invest in the company in consideration potential and synergy that will be made with the global cell gene therapy CDMO business and growth." An official from Crescendo said, “We decided to invest in Medipost because we were confident that Medipost could grow into a global champion with Crescendo's overseas business experience and global network, including our ties in the US.” Skylake and Crescendo’s investment will be safeguarded in a depository for one year.