Synmosa Biopharma announced a tender offer for SyneuRx International, a Taiwan-based biomedical company developing treatments for central nervous system disorders and COVID-19, marking the veteran drugmaker’s latest attempt to acquire its longtime target after two decades of pursuit.
The offer values SyneuRx shares at NT$24 ($0.74) each, representing a 30% premium to the NT$18.45 closing price. ChienChio seeks to acquire between 15% and 30% of SyneuRx through the tender, which runs until October 7, with a maximum investment of NT$827 million ($25.7 million).
This represents Synmosa’s second major acquisition attempt of SyneuRx. Twenty years ago, the company partnered with Taiwan’s National Development Fund in an unsuccessful bid for control that was ultimately blocked by SyneuRx’s Hong Kong-based major shareholder and management team.
Synmosa has steadily increased its SyneuRx holdings from 0.19% in 2021 to 3.03% by the second quarter of this year. SyneuRx, founded in 1993, operates PIC/S GMP-compliant manufacturing facilities and focuses on small molecule drugs and generics development.
The acquisition aligns with Synmosa chairman Lin Zhihui’s six-year expansion strategy targeting NT$30 billion ($932 million) in annual revenue by 2030. Lin previously outlined plans to acquire two pharmaceutical companies within two years, earmarking NT$9 billion ($280 million) for initial investments.
However, SyneuRx chairman Chen Zheng has signaled resistance, stating the companies should establish cooperation and trust before considering any equity arrangements.
