Aprogen Strengthens CDMO... Invests 80 Billion KRW in Subsidiary

800 Billion KRW Investment in Aprogen Biologics
Participation in 40 Billion KRW Paid-in Capital Increase... Acquisition of 40 Billion KRW Convertible Bonds

Aprogen is making a large-scale investment in its subsidiary Aprogen Biologics to strengthen its contract development and manufacturing organization (CDMO) capabilities.

[Image provided by Aprogen]

On the 13th, Aprogen announced that it will make an additional investment of 40 billion KRW on the 14th by acquiring third-party allotment convertible bonds of Aprogen Biologics. The company had previously invested 40 billion KRW in Aprogen Biologics on the 12th through a third-party allotment paid-in capital increase.

The paid-in capital increase completed on the 12th and the conversion price of the convertible bonds to be acquired on the 14th are both 500 KRW per share. This price is a 28% premium compared to the closing price of 390 KRW on the 12th, the day before the board resolution to issue the convertible bonds.

An Aprogen official explained the investment, saying, "Currently, active discussions are underway with not only major domestic pharmaceutical companies but also multiple European and American pharmaceutical companies regarding biopharmaceutical CDMO and joint development, so additional production capacity enhancement of Aprogen Biologics is necessary."

The official added, "Aprogen and Aprogen Biologics plan to actively promote their antibody and protein drug CDMO business capabilities by setting up a separate booth at Bio Korea to be held in May."