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| 유한양행 본사 전경 (사진=유한양행) |
[Alpha Biz=(Chicago) Reporter Paul Lee] Yuhan Corporation has signed an investment contract to secure a stake in PROGEN, which has multiple targeted antibody-based platform technology.
According to Yuhan Corp. on the 5th, Yuhan Corp. will invest a total of 30 billion won by acquiring PROGEN's old shares and new shares. It explains that it will become the single largest shareholder by acquiring a 38.9% stake in PROGEN. The company plans to complete the acquisition process in early May after reporting the merger.
Yuhan Corporation and Progen will work together to develop next-generation innovative bio new drug candidates such as multi-targeted antibody therapy. The company believes that it will be able to strengthen domestic and international partnerships by building an open innovation center with PROGEN.
An official from Yuhan Corporation said, "The two companies will work together to expand their next-generation open innovation strategy to the global market."
Yuhan Corporation and PROGEN signed a research cooperation agreement (MOU) for the development of bio-innovative new drugs in September last year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
