Helixmith Sells US Subsidiary Xenophys for 132 Billion KRW

[Asia Economy Reporter Ji Yeon-jin] Bio-pharmaceutical company Helixmith announced on the 3rd that it will sell all 47.91 million shares of its subsidiary, US-based Xenophys, to Barker Chemical Corporation. The sale price consists of an advance payment of 34.5 billion KRW, and up to 106.4 billion KRW including earn-outs (a portion of profits generated after the M&A) and milestone royalties.

The company stated, "We will improve management efficiency and financial structure through the share sale," adding, "As a condition of the sale, for the next five years, Xenophys in the US and other regions where Xenophys operates or plans to operate (excluding Korea, China, and Japan) will not engage in the pDNA CDMO business."