Kwangdong Pharma acquires stake in Precision Bio

South Korea's Kwangdong Pharmaceutical announced on Tuesday that it signed a stock purchase agreement to acquire Precision Biosensor Inc., a company specializing in in-vitro diagnostic devices.

Precision Bio manufactures and sells diagnostic devices and cartridges for both human and animal use.

Kwangdong Pharmaceutical stated that it plans to acquire a 29.7% stake in Precision Bio from its largest shareholder, i-SENS Inc., and others. The acquisition amount is 17 billion won ($12.2 million).

Kwangdong Pharmaceutical explained that the purpose of this stock acquisition is to build infrastructure for entering the personalized healthcare business.

Write to Jeong Min Nam at peux@hankyung.com