[THE INVESTOR] KPM Tech
announced on Sept. 21 that US-based Emmaus Life Sciences will invest US$13 million to acquire 8.21 percent stake in the company, and become the second largest shareholder.
The two companies signed a memorandum of understanding to jointly pursue business in the pharmaceutical industry and invest mutually on Sept. 12. And on the same day, KPM Tech, also known as Korea Plating Materials Technology, announced that it has decided to acquire 11.29 percent stake (approximately 3.8 million shares) in its US partner for 18.7 billion won (US$17 million).
The California-based biopharmaceutical company specializes in innovative treatments and therapies for rare and orphan diseases. Its CEO and co-founder Yutaka Miihara is a professor at the UCLA and an international authority in hematology. The company’s counsels include Nobel laureate Stanley Prusiner and former Pfizer CEO Henry A. McKinnell.
“Emmaus has recognized KPM Tech as a partner to enter Asian market,” said a company official adding that “Emmaus’ engagement in management will help boost KPM Tech in its leap into the biopharma industry.”
By Hwang You-mee (email@example.com