LakeShore Biopharma Co., Ltd, a global biopharmaceutical company specializing in vaccines and therapeutic biologics for infectious diseases and cancer, announced today the completion of its going private transaction, effectively ending its status as a publicly traded company. The merger, which was approved by shareholders on June 19, 2026, saw the company become a wholly owned subsidiary of Oceanpine Skyline Inc. This move marks a significant shift for LakeShore Biopharma, which had previously traded on the OTC Pink tier under the symbols LSBCF and LSBWF.
Under the terms of the merger agreement, each ordinary share of LakeShore Biopharma was canceled and converted into the right to receive $0.066 in cash, without interest and subject to applicable withholding taxes. The company has advised shareholders to await a letter of transmittal from the paying agent before surrendering their shares to receive the merger consideration. The transaction was approved at an extraordinary general meeting on June 19, 2026.
As a result of the merger, LakeShore Biopharma will 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). This will immediately halt the company's requirement to file certain reports, such as Form 20-F and Form 6-K, and will cease entirely once deregistration becomes effective. The company has also filed an Issuer Company-Related Action Notification Form with FINRA, which is expected to remove the company's trading symbols from the OTC Pink tier. However, the removal may not occur until one or more trading days after the merger's consummation.
The company warned that any trades executed after the merger's completion and before FINRA's removal of the trading symbols will be invalid, as the underlying securities will no longer be outstanding. LakeShore Biopharma emphasized that it will not be responsible for any losses incurred from such trades. This caution underscores the finality of the transition from public to private ownership.
LakeShore Biopharma, formerly known as YS Biopharma, operates in China, Singapore, and the Philippines. It has developed a proprietary PIKA immunomodulating technology platform and produces biologics targeting rabies, hepatitis B, influenza, and other viral infections. The company's decision to go private likely reflects a strategic shift away from the public market's short-term pressures, allowing it to focus on long-term research and development initiatives. For more information about the company, visit https://investors.lakeshorebio.com/.
The going private transaction was advised by financial and legal teams. Kroll, LLC served as financial advisor to a special committee of independent directors, with Gibson, Dunn & Crutcher LLP and Maples and Calder (Hong Kong) LLP providing U.S. and Cayman Islands legal counsel, respectively. White & Case LLP acted as U.S. legal counsel to the buyer group. The completion of this transaction removes LakeShore Biopharma from the public eye, shifting its focus entirely to private operations and potentially accelerating its vaccine development programs without the burden of quarterly earnings reports.
