Latest news with #MedezeGroup
Business Times
13-05-2025
- Business
- Business Times
Cordlife receives partial offer from Thai-listed Medeze for 10% stake
[SINGAPORE] Private cord-blood bank Cordlife announced on Tuesday (May 13) that it has received a voluntary conditional cash partial offer for a 10 per cent stake in the company from Medeze Treasury, a wholly owned subsidiary of Medeze Group, a South-east Asian stem cell company. This is the Thai-listed group's first step into the Singapore market, as the company seeks to explore business opportunities with Cordlife. The subsidiary of Medeze is seeking to acquire about 25.6 million shares at an offer price of S$0.25 per share. This reflects a premium of around 61.3 per cent over the last traded price of S$0.155 on Friday, and also the 12-month volume-weighted average price. As at Tuesday, Medeze Treasury holds nearly 1.7 million shares representing close to 0.7 per cent of the voting rights in Cordlife. Assuming that the offer becomes unconditional and there are no changes to the number of shares up for offer, the resultant direct shareholding of Medeze Treasury in Cordlife shall be around 10.7 per cent of the shares (excluding treasury shares) as at the record date. Medeze Treasury said the deal offers long-term opportunities for both companies, including the promotion of services together for market expansion, products and services development, and operational synergies. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Medeze Group could provide services such as the analysis and storage of the natural killer cell – known for its ability to kill cancer cells – to Cordlife's customers. Cordlife could offer its chromosomal and genetic analysis and screening services to customers of the offeror. The offer vehicle is a Singapore-registered company. Its directors are Sharon Lim and Veerapol Khemarangsan, who is also the chief executive officer and co-founder of the parent group. For financial year 2024, the Medeze Group recorded revenue of 874.3 million baht (S$34.1 million) and net profit of 338.7 million baht, representing growth of 23.6 per cent and 41.4 per cent year on year, respectively. The group was listed on Thailand's stock exchange in 2024. It has a market capitalisation of about S$305.6 million as at May 13. It is engaged in the business of analysing, sorting, culturing and storing stem cells and testing the potential of immune cells. Earlier in March, Cordlife sunk into the red with a net loss of S$6.3 million for its second half ended Dec 31, 2024, compared with a net profit of S$1.3 million in the previous corresponding period. This was mainly due to the fallout from lapses discovered in the storage of the company's cord-blood units two years ago. Cordlife requested a trading halt on Tuesday morning. The counter closed 1.9 per cent or S$0.003 lower at S$0.155 on Friday.
Business Times
13-05-2025
- Business
- Business Times
Cordlife receives partial offer for 10% stake from Thai-listed Medeze
[SINGAPORE] Private cord-blood bank Cordlife announced on Tuesday (May 13) that it has received a voluntary conditional cash partial offer for a 10 per cent stake in the company from Medeze Treasury, a wholly owned subsidiary of Medeze Group, a South-east Asian stem cell company. This is the Thai-listed group's first step into the Singapore market, as the company seeks to explore business opportunities with Cordlife. The subsidiary of Medeze is seeking to acquire about 25.6 million shares at an offer price of S$0.25 per share. This reflects a premium of around 61.3 per cent over the last traded price of S$0.155 on Friday, and also the 12-month volume-weighted average price. As at Tuesday, Medeze Treasury holds nearly 1.7 million shares representing close to 0.7 per cent of the voting rights in Cordlife. Assuming that the offer becomes unconditional and there are no changes to the number of shares up for offer, the resultant direct shareholding of Medeze Treasury in Cordlife shall be around 10.7 per cent of the shares (excluding treasury shares) as at the record date. Medeze Treasury said the deal offers long-term opportunities for both companies, including the promotion of services together for market expansion, products and services development, and operational synergies. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Medeze Group could provide services such as the analysis and storage of the natural killer cell – known for its ability to kill cancer cells – to Cordlife's customers. Cordlife could offer its chromosomal and genetic analysis and screening services to customers of the offeror. The offer vehicle is a Singapore-registered company. Its directors are Sharon Lim and Veerapol Khemarangsan, who is also the chief executive officer and co-founder of the parent group. For financial year 2024, the Medeze Group recorded revenue of 874.3 million baht (S$34.1 million) and net profit of 338.7 million baht, representing growth of 23.6 per cent and 41.4 per cent year on year, respectively. The group was listed on Thailand's stock exchange in 2024. It has a market capitalisation of about S$305.6 million as at May 13. It is engaged in the business of analysing, sorting, culturing and storing stem cells and testing the potential of immune cells. Earlier in March, Cordlife sunk into the red with a net loss of S$6.3 million for its second half ended Dec 31, 2024, compared with a net profit of S$1.3 million in the previous corresponding period. This was mainly due to the fallout from lapses discovered in the storage of the company's cord-blood units two years ago. Cordlife requested a trading halt on Tuesday morning. The counter closed 1.9 per cent or S$0.003 lower at S$0.155 on Friday.
Business Times
13-05-2025
- Business
- Business Times
Cordlife receives offer for 10% stake from subsidiary of stem cell company Medeze
[SINGAPORE] Private cord-blood bank Cordlife announced on Tuesday (May 13) that it has received a voluntary conditional cash partial offer for a 10 per cent stake in the company from Medeze Treasury, a wholly owned subsidiary of Medeze, a South-east Asian stem cell company. This is the Thai-listed group's first step into the Singapore market, as the company seeks to explore business opportunities with Cordlife. The subsidiary of Medeze is seeking to acquire about 25.6 million shares at an offer price of S$0.25 per share. This reflects a premium of around 61.3 per cent over the last traded price of S$0.155 on Friday, and also the 12-month volume-weighted average price. According to the offeror, it believes there are long-term opportunities that could benefit both Medeze Treasury and Cordlife with the voluntary conditional cash partial offer, including the promotion of services together for market expansion, products and services development, diversification of business in the region, and cost and operational synergies by leveraging each other's expertise. As at Tuesday, Medeze Treasury holds nearly 1.7 million shares representing close to 0.7 per cent of the voting rights in Cordlife. Assuming that the offer becomes unconditional and there are no changes to the number of shares up for offer, the resultant direct shareholding of the Medeze Treasury in Cordlife shall be around 10.7 per cent of the shares (excluding treasury shares) as at the record date. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In a company statement, an example is provided where Medeze Group could offer services such as analysing and storing natural killer cell and hair follicle banking services to Cordlife's customers. Meanwhile, Cordlife could offer its chromosomal and genetic analysis and screening services to the customers of the offeror, if their collaboration eventuates. Such collaboration could strengthen the market position of both Cordlife and Medeze Group, and growth on an international level. A private company incorporated in Singapore in May 2021, Medeze Treasury has an authorised share capital of close to S$27.3 million consisting of one class of ordinary shares of S$1 each. Its directors are Sharon Lim and Veerapol Khemarangsan. The Medeze Group has been listed on Thailand's stock exchange since October 2024, with a market capitalisation of about S$305.6 million as at May 13. It is engaged in the business of analysing, sorting, culturing and storing stem cells and testing the potential of immune cells. Earlier in March, Cordlife sunk into the red with a net loss of S$6.3 million for its second half ended Dec 31, 2024, compared with a net profit of S$1.3 million in the previous corresponding period. This was mainly due to the fallout from lapses discovered in the storage of the company's cord-blood units two years ago. Cordlife requested a trading halt on Tuesday morning. The counter closed 1.9 per cent or S$0.003 lower at S$0.155 on Friday.
Straits Times
13-05-2025
- Business
- Straits Times
Cordlife gets offer from Thailand's largest stem cell bank Medeze Group for 10% stake in company
Medeze intends to engage with Cordlife as a substantial shareholder to explore long-term business opportunities. ST PHOTO: ONG WEE JIN Cordlife gets offer from Thailand's largest stem cell bank Medeze Group for 10% stake in company SINGAPORE - Thailand-listed Medeze Group is making a move to acquire a 10 per cent stake in Singapore-listed cord blood bank Cordlife Group. The offer, which will be done through Medeze's wholly-owned subsidiary Medeze Treasury, will comprise 25.63 million shares at 25 cents each in cash. This represents a 61.3 per cent premium over Cordlife's last traded price of 15.5 cents on May 9, Cordlife said in a May 13 statement filed on the Singapore Exchange. The offer price also exceeds the 12-month average price of the stock. Cordlife shares were unchanged at 15.5 cents at 9.15am on May 13, after the announcement. If successful, the partial offer will raise Medeze's direct stake in Cordlife to about 10.68 per cent. It will also mark Medeze's first strategic move to expand in the Singapore market. In its statement, Medeze, which is among South-east Asia's largest stem cell storage and services providers, said it intends to engage with Cordlife as a substantial shareholder to explore long-term business opportunities that could deliver long-term value for both parties. For instance, Medeze would be able to offer natural killer cell analysis and hair follicle banking to Cordlife clients, while Cordlife could provide genetic and chromosomal screening services to Medeze's customers. Medeze, which listed on the Stock Exchange of Thailand in October 2024, recorded total revenue of THB 874.3 million in 2024, up 23.6 per cent over the previous year. Its net profit rose 41.4 per cent over the same period to THB 338.7 million. The group was founded and is headed by Dr Veerapol Khemarangsan, an obstetrics and gynecology specialist who is also personally involved in stem cell procedures. Cordlife has currently two substantial shareholders, China's Nanjing Xinjiekou Department Store and TransGlobal Real Estate Group. The partial offer from Medeze comes after Cordlife's cord-blood banking service and human-tissue banking service licences were renewed by the Ministry of Health (MOH) for a year from Jan 14 . MOH said that its audits showed that Cordlife has satisfactorily addressed critical shortcomings in various areas, including temperature monitoring practices, cord-blood inventory management, and incident response. This followed a nine-month suspension of Cordlife's operations from December 2003 to September 2024, due to lapses in the storage of its cord-blood units that damaged the cord blood units belonging to at least 2,150 clients and rendering them unsuitable for stem cell transplant purposes. Cordlife was later permitted to resume operations in a controlled and restricted manner from Sept 15, 2024, to Jan 13, before its licences were renewed on Jan 14. In 2024, Cordlife posted a net loss of $18.7 million, compared with a net profit of $3.6 million a year earlier. Revenue declined 50 per cent to $27.8 million from $55.7 million a year ago, mainly due to almost nine months of suspension of the group's operations in Singapore. In its 2024 results announcement, the company also said that it has made 'significant upgrades' to its processing and storage facility in Singapore, including implementing an enhanced laboratory monitoring system to provide round-the-clock real-time on-site and remote monitoring of key equipment. Cordlife also said that it has also increased the number of laboratory and technical personnel, strengthened operational protocols and established a medical and technical advisory board to provide guidance on best practices. Join ST's Telegram channel and get the latest breaking news delivered to you.
