LakeShore Biopharma Co., Ltd. disclosed that its special committee of directors has received a revised preliminary non‑binding proposal letter from Oceanpine Skyline Inc. and Oceanpine Merger Sub Inc. to acquire all outstanding ordinary shares at a purchase price of US$0.06 per share, a 50% premium to the last trading price on March 20 2026.
The revised offer, dated March 24 2026, follows the original merger agreement signed on November 4 2025. The new price reflects the impact of a recent arbitral award that imposed approximately RMB576.5 million in liabilities on LakeShore, which the parties view as a material adverse effect on the company’s financial condition.
LakeShore Biopharma is a biopharmaceutical company focused on vaccines and therapeutic biologics for infectious diseases and cancer. In fiscal year 2025 the company generated revenue of RMB614.96 million (about $86 million) but recorded a loss of RMB99.98 million, underscoring the financial strain that the arbitral liability exacerbates.
The special committee will evaluate the proposal with its financial and legal advisors. No decision has yet been made, and the transaction remains non‑binding. If consummated, the deal would transfer ownership to Oceanpine Skyline and its merger sub, potentially reshaping LakeShore’s strategic direction and capital structure.
The buyer group’s earlier statements that the arbitral award constitutes a material adverse effect and that they would not vote for the merger on the postponed extraordinary general meeting heightened uncertainty. The revised proposal reflects the buyer group’s reassessment of LakeShore’s value in light of the liability.
LakeShore has been transitioning off Nasdaq to the OTC Pink market, and a completed going‑private transaction would result in delisting and cessation of U.S. securities registration. The revised proposal, therefore, carries significant implications for the company’s liquidity, governance, and future growth prospects.
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