57,143 Common Shares, 24% of Total Issued Shares
Used for Acquisition of Other Corporations' Equity and Business Transfer Funds
Medtip, a subsidiary of DreamCIS specializing in regulatory approval CRO, announced on the 12th that it will conduct a third-party allotment paid-in capital increase worth 10 billion KRW.
According to the disclosure submitted by the parent company DreamCIS on the same day, Singapore's sovereign wealth fund Temasek Holdings' TG Sino-Dragon Fund II L.P, Sprouts International Holdings Limited, and JC Asset Management will participate in a 5:3:2 ratio, respectively. The type of new shares issued is 57,143 common shares, accounting for about 24% of the total issued shares.
The purpose of the funds is entirely related to business expansion such as acquisition and investment, with 5.5 billion KRW allocated for acquiring shares of other companies and 4.5 billion KRW for business acquisition funds.
Medtip selected Mirae Asset Securities as the lead underwriter for its listing in November last year and has internally started preparations for the listing.
The business expansion following Medtip's investment attraction is expected to affect the business structure of both Medtip and DreamCIS. Medtip and DreamCIS have a full-cycle new drug development process ranging from non-clinical trial consulting, regulatory approval, domestic and international clinical trials, to global expansion. Depending on the degree of relevance to existing businesses, they may pursue completeness of the business structure or enter new fields to secure new growth engines.
Meanwhile, the parent company DreamCIS became the largest shareholder when the global CRO TigerMed acquired shares in 2015. Since 2022, CEO Jeonghee Yoo has been leading both DreamCIS and Medtip.
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