Nexten Bioscience Launches 'Two-Track Strategy' for Bio-Electric Vehicle Batteries

[Asia Economy Reporter Jang Hyowon] Nexten Bioscience announced on the 21st that it has completed the stock and management rights transfer agreement for EV Cheomdan Sosae, which is preparing an electric vehicle-related business for business diversification.

The management rights transfer agreement is worth 13 billion KRW, and the payment for securing management rights was completed on the 21st. Prior to this, Nexten Bioscience also holds the 6th convertible bonds worth 15 billion KRW and the 7th convertible bonds worth 15 billion KRW, totaling 30 billion KRW in convertible bonds, thereby strengthening its control.

EV Cheomdan Sosae, which acquired the management rights, is focusing on fostering the electric vehicle parts business by utilizing Flexible Printed Circuit Board (FPCB) technology. It is thoroughly reviewing investments related to electric vehicle battery production and is also striving to expand the electric vehicle parts business, including the development of sensor parts for in-vehicle displays.

Nexten Bioscience recorded sales of 5.1 billion KRW in the first quarter, achieving more than 50% of the previous year's annual sales of 9.5 billion KRW, marking a growth rate of 124% compared to the previous year. Additionally, EV Cheomdan Sosae achieved sales of 18.4 billion KRW in the first quarter, growing 52% year-on-year, and operating profit reached 1 billion KRW, a 3980% increase compared to the same period last year.

A representative of Nexten Bioscience said, “We have signed a stock and management rights transfer agreement with EV Cheomdan Sosae, which has entered the electric vehicle parts market. Through business diversification, we will solidify the company’s purpose and direction and grow into a sound company.”

He added, “Nexten Bio, a subsidiary and the largest shareholder of the U.S. company Rossvivo, is focusing on developing diabetes treatments, and we will also do our best in the bio business to ensure that miRNA-based new drug candidates are recognized as new therapies.”

Meanwhile, it is known that Rossvivo, a subsidiary of Nexten Bio, has been engaged in in-depth discussions for development and technology export within China after signing an NDA with China Tonghua Dongbao Pharmaceutical.