INCREASING HIS STAKE: Chen Chih-ming has offered to buy 43.57 percent of the specialty pharmaceutical company’s issued shares at a price of NT$72 per share
Date: Mar 25, 2019
By: Chen Cheng-hui / Staff reporter
TWi Pharmaceuticals Inc (安成藥業) chairman Chen Chih-ming (陳志明) has announced a plan to take the specialty generic drug developer private as he tries to invest his own money to turn the struggling company around.
The deal, which would proceed with a tender offer first and share swap later, would end a six-year run on public markets for a company that focuses on the development of high-barrier generic drugs targeting mainly the US market.
In a regulatory filing on Thursday, TWi said that Chen has offered to acquire 52.44 million TWi shares, or 43.57 percent of the company’s issued shares, at NT$72 per share on the open market through one of his personal investment entities. [FULL STORY]