Securing Management Stability and Accelerating Key Clinical Projects Through Fundraising
Dongkoo Bio & Pharma Increases Stake to 11.5%
Innovative drug development company Qurient announced on the 14th that it will proceed with a third-party allotment paid-in capital increase worth 8 billion KRW targeting its largest shareholder, Dongkoo Bio & Pharma, following a resolution by the board of directors.
Through the paid-in capital increase, Dongkoo Bio & Pharma will acquire 1,344,086 shares of Qurient common stock at an issue price of 5,952 KRW per share, securing a total stake of 11.5%. This marks Dongkoo Bio & Pharma's third investment in Qurient over the past year. The cumulative investment amount reaches 24 billion KRW.
Dongkoo Bio & Pharma has established itself as a strategic partner actively supporting Qurient's research and development (R&D)-focused business model, beyond being a simple financial investor. The two companies plan to maximize their R&D capabilities and accelerate new drug development through continuous collaboration.
With this investment, Qurient will accelerate the clinical development of its core anticancer drug pipeline and actively develop a new dual-payload ADC platform. By securing a stable financial foundation to sustain R&D through next year, smooth operations are expected up to obtaining the PRV (Priority Review Voucher) following FDA approval of Telasebec.
Nam Ki-yeon, CEO of Qurient, stated, "With Dongkoo Bio & Pharma's full support, Qurient's R&D projects are accelerating," adding, "Based on this, Qurient, which is approaching key milestones including the platformization of Q901, will increase its value as a global new drug development company."
Cho Yong-jun, Chairman of Dongkoo Bio & Pharma, said, "We are very pleased to support innovative drug development through cooperation with Qurient," explaining, "This investment will serve as an opportunity to further strengthen the strategic synergy between the two companies." He added, "We will continue to actively cooperate for the development of the domestic bio industry."
Qurient is developing innovative new drugs including the targeted anticancer agent Q901, immuno-oncology agent Q702, and dual-payload ADCs. The company is accelerating continuous R&D with the goal of becoming a global new drug development company. Its vision is to establish itself as the Genentech of Korea in the future.
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