[THE INVESTOR] The Ministry of Food and Drug Safety announced on Oct. 4 that it will maintain its conditional approval for sale of Hanmi Pharmaceutical’s targeted cancer therapy Olmutinib, on condition that patients are made aware of the details of possible side effects and give their consent. Related article : Probes on Hanmi Pharma likely to focus on alleged insider tradingFollowing a report that one patient died from a severe skin-related side effects toxic epidermal necrolysis during the dru

[THE INVESTOR] South Korea’s largest private equity fund management company MBK Partners is negotiating taking over controlling stake of Akindo Sushiro from its largest shareholder Permira for a reported US$1.5 billion, according to Seoul Economic Daily on Oct. 4. Bank of America, Merrill Lynch, Morgan Stanley and Nomura Holdings are lead counsels for the sale. Japan’s Akindo Sushiro is the world’s largest conveyor-belt sushi restaurant chain operator, with 135 billion yen (US$1.32 billion) reve

[THE INVESTOR] Cosmax will operate an online flagship store on Chinese business-to-consumer platform Tmall.com, it announced on Oct. 4.South Korea’s largest cosmetics original development manufacturer, through its Chinese corporation, will partner with the domestic version of Tmall, a spinoff of China’s largest online retailer Alibaba Group Holding. Tmall is the largest third-party platform for brands and retailers in China by gross merchandise volume, and has 69.8 percent market share in the do

[THE INVESTOR] CJ Freshway has submitted a letter of intent to take over Welliv, a food service subsidiary of Daewoo Shipbuilding and Marine Engineering, according to Korea Economic Daily on Sept. 29.The foodstuff distribution and school meal provision subsidiary of CJ is among the 13 candidates for the bid to acquire 100 percent stake in Welliv.Welliv posted 221.7 billion won (US$200.87 million) revenue in 2015 with 12.5 billion won operating profit, and about 90 percent of its turnover comes f

[THE INVESTOR] Hanmi Pharmaceutical 's novel lung cancer therapy candidate HM61713 was found to have side effects of serious skin toxicity during the second phase of clinical trial carried out in collaboration with Boehringer Ingelheim, according to the Ministry of Food and Drug Safety on Sept. 30. At least one patient has died during the clinical trial due to severe skin adverse reactions.The pharmaceutical composition showed inspiring therapeutic efficacy in the first phase of clinical trial c

[THE INVESTOR] POSCO Daewoo has signed a memorandum of understanding with Sichuan Grain and Oil Corp. in Chengdu, China, it announced on Sept. 29. The Chinese state-owned company deals with 30 tons of grains and edible oil and fats, and through the partnership, the companies will jointly trade grains and increase investment in storage and logistics facilities. The South Korean trading company is planning to expand the trade volume of grains in China up to 5 million tons in four years. By Hwang Y

[THE INVESTOR] South Korean private equity fund VIG Partners (formerly known as Vogo Investment Group) has signed a contract to acquire 84 percent stake in funeral service provider Good Sangjo for 65 billion won (US$58.89 million), it announced on Sept. 29.It has established a 513 billion won fund -- attracting 255 billion won investment from National Pension Service, 202 billion won from local financial institutions and 56 billion won from foreign institutional investors – and has decided to in

[THE INVESTOR] Hanmi Pharmaceutical announced on Sept. 30 that Boehringer Ingelheim has decided to return its exclusive license to develop and commercialize its lung cancer treatment HM61713.The German pharmaceutical company has signed an agreement in 2015 for which the South Korean partner received US$50 million upfront. The agreement also entitled Hanmi Pharma to potential milestone payments of up to US$680 million plus royalties on future sales. Although the German company will not perform fu

[THE INVESTOR] Bugs will acquire 70 percent stake in HOW Entertainment for 11 billion won (US$9.82 million) on Oct. 14, according to investment banking sources on Sept. 28.The music portal service subsidiary of NHN Entertainment had announced the plan in August, saying that it will acquire 70 percent stake in the entertainment agency, with 11,951 existing shares and 6,390 shares to be issued for capital increase, to diversify its business to cover K-pop contents production, distribution and cons

[DISCLOSURE] Samsung SDS (018260) reconfirmed on Sept. 30 that it is reviewing splitting off its logistics business with outside consultants, but nothing has been determined yet. It was responding to Korea Exchange’s inquiry regarding media reports on the same. “As for the overseas corporation, we have decided that it is necessary to separately manage IT service and logistics businesses, and is in the process of separation in accordance with local laws,” the company added. (theinvestor@heraldcor

[THE INVESTOR] Hanmi Pharmaceutical has signed a licensing agreement with Genentech, a subsidiary of Roche, to develop and commercialize HM95573, a new drug candidate for targeted cancer therapy, it announced on Sept. 29. Genentech will own exclusive rights to develop and commercialize HM95573 worldwide except for South Korea, and will pay US$80 million upfront and US$830 million in milestone payments. The full agreement has not been disclosed. HM95573 is a second generation inhibitor of RAF kin

[THE INVESTOR] GE Healthcare will establish its APAC Fast Track Center in Incheon and invest 24 billion won (US$21.97 million) by 2020, it announced on Sept. 29 at a press conference in Seoul.South Korea was chosen for the first Asia-Pacific center as it has a great potential and leading companies in bio processing and biomedicine industries, said Kieran Murphy, president and CEO of GE Healthcare Life Sciences, a bio molecular medicine subsidiary of General Electrics. In the last five years, the

[THE INVESTOR] POSCO Daewoo on Sept. 29 signed a minute of meeting to provide naval vessels and modernize shipyard shipyard for the Brazilian Navy. Under the US$1 billion deal, the South Korean trading company will supply a 2,800-ton class patrol boat and a 7,300-ton class landing platform/dock, an amphibious warfare ship that also serves as a transportation vessel for goods, in cooperation with the country’s shipbuilders, while contributing design technologies and materials. It will also carry

[THE INVESTOR]  Medytox  announced on Sept. 29 that its botulinum toxin and fillers have won approval for sales in four Central and South American countries this year.The South Korean biopharma company’s botulinum toxin Medytoxin was granted permission in Chile and Mexico in July and August, respectively. The neurotoxin, commonly known as Botox, is injected mainly for cosmetic purposes such as reducing wrinkles. Multiple types of its hyaluronic acid filler, mainly used to plump, soften and reduc

[THE INVESTOR] POSCO Daewoo is considering entering the meetings, incentives, conventions and exhibitions business, according to Korea Economic Daily on Sept. 28.The international trade company is seeking to diversify its businesses as the gas operation in Myanmar seems to be the only major source of stable income now. NEAT Tower in Songdo, Incheon, which the company -- then Daewoo International -- acquired in 2013, might be a good location for its MICE operations. About half of the 71-story bui

[THE INVESTOR] Samsung C&T’s fashion division announced on Sept. 29 that it will open a flagship store the following day for its SPA brand 8seconds in downtown Shanghai. The two-story building with 3,300 square meter area will not only showcase the complete range of 8seconds but also will house seven homegrown cosmetics, accessories and stationery brands, so that customers can experience various aspects of K-style, said the company.The South Korean fast fashion line has been eyeing the Chinese m

[DISCLOSURE] Shinsung Solar Energy (011930) announced on Sept. 28 that it will merge with its affiliates Shinsung ENG (104110) and Shinsung FA (104120) at the ratio of 1: 1.9369683 and 1:1.9733179, respectively.The merger will improve financial structure, diversify businesses and promote efficiency. The company will nurture solar energy business for private consumption as its new growth momentum, it added.By Hwang You-mee (glamazon@heraldcorp.com)

[THE INVESTOR] Energy and chemical company OCI announced on Sept. 28 that it will acquire 16.5 percent stake in Tokuyama Malaysia to strengthen its solar panel business. It will take over 50 million shares of the manufacturer of polysilicon, a material used in solar panels, next month for US$24 million.  Polysilicons produced by OCIAlthough it will not participate in the management right away, the South Korean company is reviewing taking over the entire stake of the Malaysia-based firm that is w

[THE INVESTOR] SBI Investment has partnered with US venture capital’s Asia-Pacific branch to form Global Gateway Fund, to invest in small and medium enterprises and venture firms in South Korea, according to Korea Economic Daily on Sept. 27.This is the first venture fund created by Redbadge Pacific for investing in the local market. Global Partnership Fund No. 2, formed by Korea Development Bank and Industrial Bank of Korea, has invested in the fund that will attract additional investors to grow

[THE INVESTOR] Danish high-end audio maker Bang & Olufsen will use South Korean nano material developer Nanobrick’s M-Tag as authentication labels for its premium range B&O Play, the company announced on Sept. 28.From October, all officially imported products from B&O Play, which combines high performance and streamlined, portable designs, will have Nanobrick’s anti-counterfeit label that magnetically changes color and pattern, a first in the world.By Hwang You-mee (glamazon@heraldcorp.com)