i-SENS sells Precision Bio stake to Kwangdong Pharmaceutical for $11.5 million

i-SENS, a Kosdaq-listed biotech company, said on Tuesday that it held a board meeting and decided to sell its stake in Precision Bio, an in-vitro diagnostics developer, to Kwangdong Pharmaceutical. 

Through this transaction, i-SENS will transfer its entire 28.2 percent stake in Precision Bio to Kwangdong Pharmaceutical for approximately 16 billion won ($11.5 million). The deal was overseen by NH Investment & Securities.

i-SENS said the company plans to use the funds secured from this sale to further strengthen its capabilities in the continuous glucose monitoring (CGM) business.

In September 2023, i-SENS launched its first CGM device.

A spokesperson for i-SENS said that the company is now preparing for its second CGM device and has been working on selling its stake in Precision Bio to finance the device’s entry into the U.S. market, which holds a 50 percent share of the global glucose monitoring market.