NKGen Biotech Selected As Stalking Horse Bidder For NKMax; NKGen Proposal Included Up To $18M In Committed Funding.

Author: Benzinga Newsdesk | December 02, 2024 04:15pm

• Upon closing, the transaction would secure global IP rights for NKGen.
• NKGen and its partners can begin to commercialize troculeucel in Korea, Japan and other markets where natural-killer ("NK") cell therapy is already legal.
• NKGen proposal included up to $18 million in committed funding.
• Closing expected in 1Q 2025.

SANTA ANA, Calif., Dec. 02, 2024 (GLOBE NEWSWIRE) -- NKGen Biotech, Inc. (NASDAQ:NKGN) ("NKGen" or the "Company"), a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous and allogeneic natural killer cell therapeutics, today announced it has been selected as the preferred stalking horse bidder for NKMax Co., Ltd. ("NKMax") in NKMax's court-managed rehabilitation process in South Korea. NKMax filed for rehabilitation in South Korea, roughly similar to Chapter 11 in the US, on April 18, 2024, and currently holds an approximate 25% equity interest in NKGen. NKGen's proposal included up to $18 million in committed funding from a third-party investor. As is typical in US bankruptcies, there will now be a public offering process, with NKGen having final right of first refusal on any other qualified offers, with the final decision and ultimate rehabilitation plan approved by NKMax's creditors and the court expected in February 2025 and closing thereafter (the "Acquisition"). NKGen and its financing partners expect to hold a majority of the equity of NKMax at closing.

Posted In: NKGN