MiCo BioMed, a KONEX-listed company, announced Friday that it would acquire a 100 percent stake in Siloam Biosciences Inc., a Cincinnati, Ohio-based medical device company.
MiCo BioMed, established in 2009 as NanoBioSys, has developed, produced and sold molecular diagnostic products for virus infection by extracting genes and detecting bacteria in them. It now manufactures and sells molecular diagnostic products and biochemical diagnostic products, according to the company.
Siloam Biosciences is a private medical device company engaged in research, development, production, and sales of diagnostic kits and equipment based on a biomedical microelectromechanical systems (Bio MEMS) platform. As a private firm, its shares are held by 19 shareholders.
For the acquisition, new shares of MiCo BioMed will be issued by recapitalization through third-party allotment to the 19 shareholders. In turn, MiCo BioMed will get a total of 168,254 Siloam Biosciences shares as a contribution in kind.
The acquisition is expected to be completed on July 31.
“With the acquisition of Siloam Biosciences, we have maximized business synergy, entered into the immunological diagnosis market and laid the foundation for becoming a company specializing in comprehensive biomedical point-of-care testing diagnostics,” said MiCo BioMed CEO Kim Sung-woo.
“We are now expanding exports to the global medical market to include not just the U.S. and Europe but also South America, India, and Africa,” Kim added.