Yuhan Corporation Becomes Largest Shareholder of Bio Company Progen... Investment Agreement Signed

Acquisition of 38.9% Stake in Progen... 30 Billion Won Investment

Yuhan Corporation announced on the 5th that it has signed an investment agreement to secure a majority shareholder stake in Progen, which possesses a multi-target antibody-based platform technology. Progen is a 25-year-old bio company with platform-based basic research capabilities and new drug development experience.

Yuhan Corporation Headquarters Building. [Photo by Yuhan Corporation]

Under this agreement, Yuhan Corporation will invest a total of 30 billion KRW by acquiring both existing and new shares of Progen, becoming the single largest shareholder with a 38.9% stake. The acquisition process is planned to be completed before early next month after undergoing the corporate merger notification procedure. Previously, Yuhan Corporation and Progen signed a research cooperation memorandum of understanding (MOU) in September last year for the development of innovative bio new drugs.

Yuhan Corporation explained that through this acquisition, in addition to the synergy effect of both companies' new drug development capabilities, they will be able to strengthen their partnership by jointly establishing Yuhan’s Open Innovation Center with Progen. The two companies will collaborate to develop next-generation innovative bio new drug candidates such as multi-target antibody therapeutics and work together to expand Yuhan’s next-generation open innovation strategy into the global market.

Yuhan Corporation aims to continue the success story of global new drug development, including Lekraza, by expanding the open innovation ecosystem. A Yuhan Corporation official stated, "The acquisition of Progen’s shares will also contribute to revitalizing the domestic pharmaceutical and bio industry through the establishment of an open innovation ecosystem centered on Yuhan Corporation."

Meanwhile, on the 6th, more than 30 bio companies, including Yuhan Corporation, are scheduled to gather at the 'Open Innovation Networking Day' event hosted by Progen to discuss cooperation plans.

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