LakeShore Biopharma Co., Ltd (OTCPK: LSBCF; OTCPK: LSBWF) announced Monday that it has entered into an amended merger agreement with Oceanpine Skyline Inc. and its subsidiary to take the company private, slashing the per-share consideration to $0.066 from the original $0.90. The revised deal implies an equity value of approximately $2.7 million for the global biopharmaceutical company.
The amendment follows a revised proposal received on March 24, 2026, from the buyer group, which includes Oceanpine Investment Fund II LP and other investors. The new per-share price represents a premium of about 46.7% over the closing price on March 24, the last trading day before the company disclosed the revised offer, and a 23.3% premium over the volume-weighted average closing price over the prior ten trading days.
Under the amended terms, each ordinary share, excluding certain excluded and dissenting shares, will be canceled and converted into the right to receive $0.066 in cash, without interest. The termination date has been extended to nine months from the date of the amended agreement, and the company termination fee has been reduced to $50,000, while the parent termination fee is now $100,000.
The merger will be funded through a cash contribution from Oceanpine Capital Inc. and an equity rollover by the Rollover Shareholders, who collectively hold approximately 53.35% of the voting rights. These shareholders have agreed to vote in favor of the deal.
LakeShore Biopharma's board of directors, acting on the unanimous recommendation of a special committee of independent directors, has approved the amended merger agreement and recommends that shareholders vote to authorize it. The special committee, advised by Kroll, LLC as financial advisor and Gibson, Dunn & Crutcher LLP as U.S. legal counsel, negotiated the revised terms.
The merger is expected to close in the third quarter of 2026, subject to customary conditions, including approval by at least two-thirds of votes cast by shareholders. If completed, the company will become privately held and its shares will no longer be quoted on the OTC Pink Open Market.
LakeShore Biopharma, formerly YS Biopharma, focuses on developing vaccines and therapeutic biologics for infectious diseases and cancer, leveraging its proprietary PIKA immunomodulating technology platform. The company operates in China, Singapore, and the Philippines.
Additional details about the merger will be available in filings with the U.S. Securities and Exchange Commission, including a Schedule 13E-3 transaction statement and a proxy statement. Shareholders are urged to read these documents carefully when they become available. The documents can be obtained free of charge from the SEC's website at http://www.sec.gov.
