The board of directors meeting held by Center Laboratories Inc. on June 30 resolved to approve a share swap with its investment company Bioengine Technology Development Inc. This is a joint venture between the Company and its own investment company. This merger of its own investment companies will be the final piece of the third transformation of Center Group, which will help it become the largest professional biotech investment holding company in Taiwan.
The merger will be an important milestone for the Group's third transformation, as the original shareholding of Bioengine Technology Development Inc. is the target of the Group's long-term plan. The merger is subject to the approval of the shareholders' meeting and the approval of the relevant authorities, and is expected to be completed in the second half of the year.
In 2018, Center Group started its third transformation by merging its subsidiaries, Bioengine Capital Inc. and Bioengine Technology Development Inc., with the goal of creating 7-8 biotech unicorns by 2025. As of the first quarter of 2023, Center's equity investment has exceeded NT$22.2 billion, accounting for over 80% of its total assets. In the future, it will continue to strengthen the competitiveness and expansion of its core business through mergers and acquisitions or the introduction of strategic investors. The company has four major investment projects, including Adimmune, Jacobio Pharmaceuticals, TOT Biopharm and Lumosa Therapeutics, which will be directly managed and invested by Center Group.
The merger is a necessary step in order to gain a foothold in the global biotech industry, said Mr. Lin, President of Center Group. Mr. Lin said that in order to compete internationally, Taiwanese pharmaceutical companies must expand their scale and enhance their capabilities through investment or mergers and acquisitions, and after transforming into a "professional biotech investment holding company", Center will continue to look for quality investment targets both domestically and internationally. Mr. Lin emphasized that the Group will not blindly pursue the number of investments or M&A deals, but will precisely grasp the business opportunities, set targets, execute steadily and achieve comprehensive results.
