Aribio stated on the 25th through a statement on its website that the technology transfer contract worth 1.02 trillion KRW with China remains valid. It explained that the amount deposited was the first installment of 30 billion KRW minus the costs for the Investigational New Drug (IND) application and clinical trial approval, and that the second and third installments are scheduled to be deposited within the agreed period.
The company said, "We posted this statement in response to shareholder inquiries regarding the exclusive sales rights contract signed with the Chinese pharmaceutical company," adding, "We have submitted sufficient documentation related to the contract to the relevant authorities and are actively negotiating." It further explained, "The contents included in the securities report were written in accordance with the Financial Supervisory Service's opinion to protect investors."
Regarding the possibility of contract termination, the company stated, "The mention of contract termination possibility is only based on the standards for preparing the securities report and does not imply actual contract termination."
According to a media report the previous day, there was also a possibility that the decline in Sorux's stock price could affect the merger ratio. In response, the company emphasized, "The procedure to recalculate the merger ratio is not currently underway," and added, "If any changes occur, we will proceed with related procedures such as public disclosure." It concluded by stressing, "We will do our best to provide accurate information and protect shareholder value."
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