Samsung Biologics Announces $2.17 Billion Rights Offering to Fuel Expansion Plans

Deep News08-28 08:20

Samsung Biologics confirmed on Friday its intention to secure 3 trillion Korean won, approximately $2.17 billion, through a rights issue, aiming to fund investments tied to its long-term growth strategy.

According to the announcement, roughly 2.71 trillion won of the total proceeds will be allocated toward the acquisition of Switzerland-based Poly Peptide Group. This move aligns with the acquisition plan first revealed in July, designed to integrate the specialized CDMO (Contract Development and Manufacturing Organization) firm into its operations and broaden its business scope.

Regulatory filings indicate that Samsung Biologics will issue 2.27 million new common shares on November 4, priced at 1.32 million won per share, offered to its existing shareholders. The allocation will be carried out on a pro-rata basis, with any unsubscribed shares subsequently made available to the public for subscription.

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