Sejong Medical Co., Ltd. (KOSDAQ:A258830) agreed to acquire unknown minority stake in Doowon Science Pharmaceutical Co., Ltd. for KRW 3.5 billion on December 12, 2022. As per transaction, Sejong MedicalSejong Medical Co., Ltd. will acquire 1.16 million shares. also subscribing shares in Doowon Science Pharmaceutical.

After completion of both, Sejong Medical Co., Ltd. will hold 100% stake in Doowon Science Pharmaceutical. For the year ended December 31, 2021, Doowon Science Pharmaceutical reported total assets of KRW 11.8 billion and Net income of KRW 70 million. The transaction is expected to complete on March 31, 2023.

The transaction is expected to complete on May 31, 2023.