Yunjin Partners’ acquisition of DSK is at risk after the private equity fund manager failed to pay the remaining 66.646364 billion won by September 9. The buyer agreed to acquire 11,075,440 shares, or 43.1%, held by DSK’s largest shareholder, Synergy Innovation, for 81.596364 billion won. The transaction was later revised to 82.34636 billion won, with the per-share price rising from 7,367 won to 7,435 won on March 31. Yunjin Partners has postponed the final payment nine times after a strategic investor withdrew, leaving 15.7 billion won in deposits at risk of forfeiture. DSK’s share price has fallen from the 7,000-won range to the 4,000-won range, leaving the agreed transaction price about 80% above market value. Protox, DSK’s subsidiary and a key attraction for Yunjin Partners, received South Korean approval for its botulinum toxin product Protoxinju last November but recorded a 5.4 billion won net loss in the first half of this year. DSK says the deal will be canceled on September 30 unless the parties agree to an extension. Industry participants say the acquisition would remain difficult to complete without a new strategic investor or external funding.