A local private equity firm Wired Partners is considering joining the bid for acquiring Kyung Nam Pharm, a local drug maker known for its vitamin supplement Lemona, according to industry sources on May 2.

The PEF is reportedly having last minute discussions about participating in the main bid for Kyung Nam, which is set for May 7.

Wired Partners has been managing assets of around 500 billion won ($428.80 million) and has been showing interest in the pharmaceutical industry recently. In 2016, the PEF acquire around 120,481 shares of health care company Medi Pharma Plan for 25 billion won.

Currently, six local firms, including Bio Genetics -- that has a stake in Kyung Nam -- are expected to join the bid. Bio Genetics is a condom maker that bought 11.29 percent stake in Kyung Nam in February by investing around 15 billion won in a partnership with local camping tent maker Liveplex.

In March last year, South Korean financial authorities suspended trading of its stocks, on suspicions of accounting fraud. Kyung Nam, which was listed on the Kosdaq market in 2001, was also placed at risk of being delisted by the bourse operator Korea Exchange.

Currently, Kyung Nam’s stocks are still suspended from trading.

By Song Seung-hyun (ssh@heraldcorp.com)