SillaJen names M2N as preferred bidder to take over the drug company

[Photo by Yonhap]

South Korea’s SillaJen Inc. has chosen M2N Co. as a preferred bidder to acquire the management rights of the biotechnology company, raising expectations about resuming normal operations after it avoided delisting last year with a one-year grace period.

SillaJen announced Wednesday that it selected M2N as the would-be acquirer of its management control after evaluating its financing plan, clinical trial plan, and product pipeline, among others, at the board meeting held on Monday.

Founded in 1978, M2N is a company that used to manufacture steel drums. It expanded its business into the bio sector last year, setting up wholly-owned subsidiary M2N Bio to acquire U.S.-based drugmaker GFB.

SillaJen expects that if the deal goes as planned with M2N, it will be able to improve its governance and resume normal trading on the Kosdaq market.

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