LakeShore Biopharma Co., Ltd, a global biopharmaceutical company focused on vaccines and therapeutic biologics, announced today the completion of its going private transaction via a merger with Oceanpine Merger Sub Inc., a wholly owned subsidiary of Oceanpine Skyline Inc. The merger, which was approved by shareholders on June 19, 2026, results in LakeShore Biopharma becoming a wholly owned subsidiary of Parent and ceasing to be a publicly traded company.
Under the terms of the merger agreement, as amended, each ordinary share of the company (excluding certain shares held by the parent or dissenting shareholders) was cancelled and converted into the right to receive $0.066 in cash per share, without interest and net of applicable withholding taxes. The company expects to suspend its reporting obligations under the Securities Exchange Act of 1934 by filing a Form 15 with the U.S. Securities and Exchange Commission (SEC), which will immediately suspend its obligation to file reports such as Form 20-F and Form 6-K, with full deregistration to follow.
In connection with the merger, LakeShore Biopharma has filed an Issuer Company-Related Action Notification Form with FINRA, as required by FINRA Rule 6490. FINRA is expected to remove the company's trading symbols (OTCPK: LSBCF and OTC PK: LSBWF) from the OTC Pink tier of the OTC Markets, though this removal may take one or more trading days after the merger's consummation. The company warns that any trades effectuated after the merger's completion and before the removal of the trading symbols will be invalid, as the underlying securities will no longer be outstanding.
Registered shareholders entitled to the merger consideration will receive a letter of transmittal from the paying agent with instructions on how to surrender their shares in exchange for the cash payment. The company advises shareholders to wait for this letter before surrendering their shares.
The transaction was advised by a Special Committee of the company's board of directors, with Kroll, LLC serving as financial advisor, Gibson, Dunn & Crutcher LLP as U.S. legal counsel, and Maples and Calder (Hong Kong) LLP as Cayman Islands legal counsel. White & Case LLP served as U.S. legal counsel to the buyer group.
LakeShore Biopharma, previously known as YS Biopharma, is dedicated to discovering, developing, manufacturing, and delivering vaccines and therapeutic biologics for infectious diseases and cancer. The company has developed a proprietary PIKA immunomodulating technology platform and targets diseases such as Rabies, Hepatitis B, Influenza, and other viral infections. It operates in China, Singapore, and the Philippines, and is led by a management team with local and global biopharmaceutical experience.
Forward-looking statements in the press release involve risks and uncertainties, including the expected benefits and costs of the merger, potential legal proceedings, and the timing of the removal of trading symbols. The company does not undertake to update any forward-looking statements except as required by law. For more information, visit https://investors.lakeshorebio.com/.
