Shareholders of Lumosa Therapeutics Co., Ltd. (6535. TPEx) (“Lumosa”) approved its merger with TPG Biologics, Inc. (6521. TPEx) (“TPG”) today. One TPG common share will be exchanged for 0.775 Lumosa common share on a one-time issuance basis; resulting in NTD1.16 billion (approximately USD 38 Million equivalent) capital for the post-merger company. The name of the post-merger company will remain “Lumosa Therapeutics Co., Ltd.”. The completion of the merger is tentatively targeted for October 31, 2018 pending government’s regulatory approval.  Shareholders also approved a fundraising plan through private placement, and authorized the board to proceed with the issuance of common shares under a cap of 75,000,000 shares at a face value of NTD10 per share. The final total amount raised will be determined by the actual issuance price and the number of shares issued.

Dr. Chang-Hai Tsai, Chairman of Lumosa commented "I am delighted that shareholders supported the proposed merger. The board expects this merger will greatly enhance Lumosa’s operation efficiency and expands its R&D capability, and make Lumosa one of the leading new drug development companies in Asia. I believe the merger between Lumosa and TPG will set forth a successful model for other new drug development companies in Taiwan.”

Dr. Wendy Huang, CEO of Lumosa said “Following the merger, Lumosa will search and develop both small and large molecule novel drug candidates under its “reSearch and Development” model. Lumosa has expertise and extensive experience in preclinical, clinical, and pharmaceutical development, project management, and regulatory affairs. On the other hand, TPG holds critical technologies in the novel biologic drug development; such as, protein design, and cell line. The merger will draw significant synergy from both companies and enrich the product pipeline, in turn, greatly strengthen the competitiveness of Lumosa.”