The drug development company Bridge Biotherapeutics is seeing strong stock performance during trading on the 9th. The surge in stock prices is interpreted as stemming from expectations related to the transition of Parataxis Holdings, which is acquiring Bridge Biotherapeutics, as they revealed a list of board candidates ahead of the shareholder meeting in August.
As of 3:07 p.m. on the same day, Bridge Biotherapeutics was trading at 3,130 won, up 585 won (22.99%) from the previous trading day. The stock price climbed as high as 3,305 won in the afternoon, hitting the upper limit (the highest point of the daily price range).
Parataxis Holdings, a subsidiary of Parataxis Capital Management, announced that it plans to change the name of Bridge Biotherapeutics to "Parataxis Korea" at the shareholder meeting next month. This decision is aimed at transitioning to a Bitcoin treasury platform business.
Andrew Kim has been appointed as the new chief executive officer (CEO) of Parataxis Korea. Andrew Kim previously worked as a research analyst at Ares Management, a global alternative investment management firm, and as an investment banker at Credit Suisse and Jefferies.
Edward Chin, the founder and CEO of Parataxis Holdings, has been designated as a candidate for chairman and internal director of Parataxis Korea. Starting his career at Lehman Brothers, Edward Chin built experience as an investment banker in the technology, media, and telecommunications sectors before entering the digital asset field. Lee Jung-kyu, CEO of Bridge Biotherapeutics, will remain with the company as an internal director.
Parataxis Holdings explained that it is currently working on securing additional funds after completing the establishment of a fund related to the acquisition of Bridge Biotherapeutics. Parataxis Holdings stated, "We plan to announce further details about the transaction after the shareholder meeting scheduled for August 7th."