[THE INVESTOR] Hanmi Science, the holding company of South Korea’s Hanmi Pharmaceutical, said Thursday that it has acquired local medication management automation company JVM Co. under a stock swap agreement.
Hanmi Science acquired a 30 percent stake in JVM by purchasing 1.89 million JVM shares for 129 billion won ($112 million) -- 20 percent of which was paid in cash and the remaining 80 percent through Hanmi Science shares.
Hanmi Science (Yonhap)
“Through the merger, we expect great synergies between Hanmi Pharmaceutical Group’s global competitiveness and sales expertise, and JVM’s exclusive technologies,” Hanmi Science vice president Kim Jae-sik said in a statement.
JVM is among the world’s top four companies in the automated pharmaceutical management business, with some 541 patented technologies and a strong overseas business, according to Hanmi Science.
JVM racked up 88.5 billion won in sales last year, 40 percent of which were generated overseas. The firm exports its products and technologies to 33 countries including the U.S., China and countries in Europe.
By merging with Hanmi, JVM plans to further nurture its latest automated drug management system INTIpharm, with aims to become the top player in the global automated medication management business, said JVM Co. CEO Lee Yong-hee.
By Sohn Ji-young (jys@heraldcorp.com)