Yuhan USA strengthens its role as a ‘venture capital’. They purchased 750,000 shares of Processa Pharmaceuticals this year.
Yuhan Corporation is spurring overseas open innovation expansion and strengthening its global position by continuously investing in ‘Yuhan USA’, a leading edge for global advancement.
According to industry sources on October 11th, Yuhan Corporation acquired 1.5 million shares by investing 1.667 billion Won (1.4 million USD) in Yuhan USA, a wholly-owned subsidiary incorporated in the US, in the second quarter of this year. As a result, Yuhan’s holdings in Yuhan USA increased to 9,318,180 shares.
Yuhan Corporation provides financial support to Yuhan USA every year. In 2019, it invested 3.557 billion Won (2.988 million USD) to secure 3 million shares, and in 2020 also invested 3.546 billion Won (2.979 million USD) to increase 3 million shares.
The goal is to quickly acquire advanced information through active network activities in the United States, and to promote technology transfer or R&D collaboration by discovering promising technologies or new drug candidates in the United States.
Recently, Yuhan USA is strengthening its role as a ‘venture capital’ by directly investing in US biotech companies.
This year, it purchased 750,000 shares of US biotech company Processa Pharmaceuticals making Yuhan USA a 7.3% stakeholder.
Previously, Yuhan USA played a role as an intermediary in signing a license-out contract for Yuhan Corporation’s ‘YH12582’, a functional gastrointestinal disease treatment, with Processa Pharmaceuticals in August of last year.
An official from Yuhan Corporation said, “Yuhan USA will continue to strengthen its role in expanding overseas open innovation by discovering promising biotech companies and technologies in the United States and exploring new business opportunities.”
Yuhan USA is currently headed by Taewon Yoon as Chief Executive Officer, a former Senior Manager of Business Development team of Yuhan USA. He holds a Ph.D in biochemistry and molecular genetics.
Article from MTN News (Korean): https://news.mtn.co.kr/news-detail/?v=2021100815262329812