LegoChem Biosciences Changes Majority Shareholder to 'Orion'

CEO Kim Yongju and President Park Sejin Sell Shares
Simultaneous Third-Party Paid-in Capital Increase Underway

LegoChem Bio announced on the 15th that the largest shareholder will change to Orion through a third-party allotment paid-in capital increase and sale of existing shares.

According to the Financial Supervisory Service's electronic disclosure system on the 15th, founders CEO Kim Yong-joo and President Park Se-jin disclosed that they will transfer 1.4 million shares (25.73%) of LegoChem Bio they hold to Orion. The share transfer amount is 78.6604 billion KRW, and the scheduled date for the change of the largest shareholder is March 29.

The shares to be owned by the largest shareholder include the 1.4 million shares held by the two individuals and 7,963,283 shares to be allocated through the third-party allotment paid-in capital increase.

The company stated, "Even after the contract, the management rights of CEO Kim Yong-joo and President Park Se-jin will continue without change," and added, "Orion plans to participate in management by appointing directors and auditors at the upcoming regular shareholders' meeting."

CEO Kim Yong-joo said, "For stable operation in the future, we judged that a largest shareholder holding more than 20% of shares is necessary, so we sought a suitable partner," and added, "Orion has shown sufficient understanding of the special industry of new drug research and development, as well as respect for the management, operational systems, and organizational culture that have led the company for the past 18 years, making them the optimal partner to share the future with."

Meanwhile, LegoChem Bio established a goal earlier this year to discover more than five candidate substances annually and secure at least five additional clinical-stage pipelines within five years through an aggressive strategy to achieve its mid- to long-term growth strategy, VISION 2030, ahead of schedule. Based on the funds secured through this contract, the company plans to conduct more aggressive research and development than before and make an early leap to become a global antibody-drug conjugate (ADC) company.

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