Samsung Biologics to raise $2.17 bil. via rights offering
Samsung Biologics announced Friday it would raise 3 trillion won ($2.17 billion) through a rights offering as part of efforts to fund investments in its long-term growth strategy. Some 2.71 trillion won from the offering proceeds will be used for its planned acquisition of the Swiss-based PolyPeptide Group, the biotech arm of Samsung Group said. In July, the company had announced plans to acquire…
Samsung Biologics has announced plans to raise 3 trillion won, equivalent to $2.17 billion, through a rights offering. This move is part of the company's strategy to fund long-term growth initiatives. The offering will primarily be used to finance the acquisition of Swiss-based PolyPeptide Group, Samsung Group's biotech subsidiary.
In July, Samsung Biologics had revealed its intention to acquire PolyPeptide Group to bolster its portfolio. Shares of Samsung Biologics will be issued at 1,322,000 won each on November 4, to be sold to current shareholders on a pro-rata basis. Any unexercised shares will be offered to the general public. The newly issued shares are expected to be listed on November 30.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
