LakeShore Biopharma Amends Merger Agreement, Slashes Share Consideration to $0.066 in Going-Private Deal
LakeShore Biopharma has amended its merger agreement to take the company private at a reduced equity value of $2.7 million, offering $0.066 per share after a revised proposal from the buyer group.
LakeShore Biopharma Co., Ltd (OTCPK: LSBCF; OTCPK: LSBWF) announced on April 29, 2026, that it has entered into an amended merger agreement to take the company private, slashing the per-share consideration from $0.90 to $0.066. The revised deal, which implies an equity value of approximately $2.7 million, follows a revised proposal received by the company on March 24, 2026, from the buyer group led by Oceanpine Skyline Inc.
Under the terms of the Amended Merger Agreement, each ordinary share of LakeShore Biopharma, other than excluded and dissenting shares, will be canceled and converted into the right to receive $0.066 in cash, without interest. The amended per-share consideration represents a premium of approximately 46.7% over the closing price on March 24, 2026, the last trading day before the company disclosed the revised proposal, and a premium of about 23.3% over the volume-weighted average closing price for the 10 trading days ending on that date.
The amendment marks a significant reduction from the original merger agreement dated November 4, 2025, which had offered $0.90 per share. The buyer group, which includes Oceanpine Investment Fund II LP, Oceanpine Capital Inc., Crystal Peak Investment Inc., and other investors, collectively holds approximately 53.35% of the voting rights in the company and has agreed to vote in favor of the transaction.
The merger will be funded through a combination of a cash contribution from Oceanpine Capital Inc. under an amended equity commitment letter and an equity rollover by the existing shareholders. The company’s board of directors, acting on the unanimous recommendation of a special committee of independent directors, has approved the amended agreement and recommended that shareholders vote to authorize the merger.
The special committee, advised by Kroll, LLC as financial advisor and Gibson, Dunn & Crutcher LLP as U.S. legal counsel, evaluated the revised proposal and negotiated the terms. The buyer group is advised by White & Case LLP.
The merger is expected to close in the third quarter of 2026, subject to customary conditions, including approval by at least two-thirds of the votes cast by shareholders. Upon completion, LakeShore Biopharma will become a privately held company, and its shares will no longer be quoted on the OTC Pink Open Market.
The company will file a current report on Form 6-K with the U.S. Securities and Exchange Commission (SEC) containing the Amended Merger Agreement. Shareholders and investors are urged to read the Schedule 13E-3 and other materials filed with the SEC, available at http://www.sec.gov, for important information about the merger.
LakeShore Biopharma, formerly known as 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.