AriBio Secures KRW42.5 Billion Investment From Fosun Pharma

MT Newswires Live10-22 11:37

AriBio (KOSDAQ:A290690) has secured an investment worth 42.5 billion won from Shanghai Fosun Pharmaceutical (HKG:2196, SHA:600196), according to a Thursday release.

Fosun Pharma, a global licensing partner for the South Korean company's AR1001 early-stage Alzheimer's disease oral drug candidate, invested direct capital and has become its major shareholder.

The Chinese pharmaceutical company paid about 11.5 billion won on Wednesday as the first installment of the capital.

Once the second installment is completed, Fosun Pharma will acquire a stake of about 5% in AriBio, becoming its third-largest shareholder.

AriBio will announce the top-line results of the global phase three clinical trial for AR1001 on Nov. 16.

Shares of AriBio fell more than 3% in recent trade.

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