Daewoong Pharmaceutical Disposes 50 Billion KRW Worth of Treasury Shares to Secure R&D Funding

"Accelerating Global Innovative New Drug Development"

Daewoong Pharmaceutical announced on the 8th that it will dispose of approximately 427,000 treasury shares to its parent company, Daewoong Co., Ltd., to secure research and development (R&D) funds and invest in future growth.

Daewoong Pharmaceutical Headquarters Building. [Photo by Daewoong Pharmaceutical]

Through this disposal of treasury shares, Daewoong Pharmaceutical secured 50 billion KRW in cash without interest burden. The company plans to accelerate new drug development using the secured funds, including ▲late-stage clinical trials of the gastroesophageal reflux disease treatment 'Pexuclu,' ▲late-stage clinical trials of the SGLT2 inhibitor class diabetes treatment 'Enblo,' ▲Phase 2 clinical trials of the idiopathic pulmonary fibrosis treatment 'Versiporosin,' and ▲Phase 1 clinical trials of the autoimmune disease treatment 'DWP213388.'

Additionally, considering the rapidly increasing demand for the botulinum toxin product 'Nabota' in the global market, the company plans to construct an additional new factory to aggressively expand its presence in the global toxin market.

Yoon Jae-chun, CEO of Daewoong Co., Ltd., stated, "The decision to acquire Daewoong Pharmaceutical shares reflects our confidence in Daewoong Pharmaceutical’s future value, following two consecutive years of successful domestic new drug development. We will continue to strive to prove future growth potential to enhance corporate value and protect shareholders."

Jeon Seung-ho, CEO of Daewoong Pharmaceutical, said, "We have recently demonstrated our R&D capabilities by successfully developing domestic new drugs Pexuclu and Enblo in succession. Through this decision, we will further accelerate not only the development of subsequent new drug pipelines but also the global market expansion of Nabota."

This content was produced with the assistance of AI translation services.