[Special Stock] Seoul Pharma Hits Upper Limit on News of Acquisition by Private Equity Fund

[Asia Economy Reporter Minwoo Lee] Shares of Seoul Pharmaceutical, the exclusive contract company for Viagra, are soaring as news spreads that it is being acquired by Q Capital Partners.

As of 2:20 PM on the 2nd, Seoul Pharmaceutical is trading at 7,730 KRW on the KOSDAQ market, up 29.92% from the previous trading day.

Earlier, on the 28th of last month, Seoul Pharmaceutical announced that Chairman Hwang Woosung, the largest shareholder, and related parties signed a contract to transfer 2,791,715 shares to Q Capital Partners' private equity fund '2018 QCPI 13 Private Joint Investment Company.' The transaction amount is approximately 45 billion KRW.

Founded in 1995, Seoul Pharmaceutical is a manufacturer and seller of prescription drugs. It operates in the generic drug business and specializes in improved new drug development focusing on formulation changes and drug delivery systems. It has also signed exclusive supply contracts for ODF Viagra with global pharmaceutical companies such as Pfizer in the United States.