Yuhan Corporation acquires Progen, a multi-target antibody company based in South Korea for total of $23M investment

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Yuhan Corporation announced on April 5, 2023, that it has signed an investment agreement to secure the largest shareholder stake in Progen Inc., a company with multi-target antibody-based platform technology. 

Progen Inc. is a biotechnology company with 25 years of experience in platform-based drug discovery and development. The company has a platform technology for immunoglobulin fusion protein NTIG (Neo Tri-ImmunoGlobulin) with multi-target targeting and long-term persistence. 

Yuhan will invest a total of $23million through the acquisition of Progen’s old and new shares, thereby securing a 38.9% stake in Progen and becoming the sole largest shareholder. The company plans to complete the acquisition process before early May. 

Through this acquisition, Yuhan will increase its ability to develop new drugs such as multi-target antibody therapeutics and strengthen domestic and international partnerships by establishing an Open Innovation Center with Progen. 

Previously, Yuhan and Progen signed a research collaboration MOU for the development of bio-innovative new drugs in September last year. 

Original article (Korean): https://www.yna.co.kr/view/AKR20230405099100017?input=1195m

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