Korean confectionery group Orion has become the biggest shareholder in compatriot ADC specialist LegoChem Biosciences, in a decisive step to move into the biotech sector as a new growth engine. For LegoChem, the alliance provides a friendly strategic partner and should enable a boost in R&D spending as it seeks to aggressively progress clinical trials and become a global player.
LegoChem Biosciences, Inc., a leading South Korean antibody-drug conjugate (ADC) platform company in the news recently for a major alliance, has generated more headlines through a surprise shareholding tie-up with a major domestic confectionery group, through which it will raise KRW548.5bn ($413m).
LegoChem conceded the stake sale to Orion was “sudden” but also “crucial” to the future of the company, and the...
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