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.