Huons Acquires Stake in PanGen to Bolster Biopharma Business
Overview
Huons Co. Ltd. has announced a strategic investment of KRW 14.3 billion ($10.4 million) in PanGen Biotech Inc. to strengthen its biopharmaceutical R&D and CDMO capabilities.
Company Shares Post Acquisition
The investment will see Huons acquire 2,647,378 shares of PanGen, giving it a 31.53% stake in the company.
Following the acquisition, Huons plans to secure management rights and incorporate PanGen as a subsidiary.
Benefits of Acquiring PanGen
PanGen brings to the table GMP facilities for biopharmaceutical production, as well as a proprietary cell line development technology known as “PanGen CHO-TECH.”
This technology, coupled with PanGen’s productization capabilities, aligns well with Huons’ strategy to expand its biopharmaceutical offerings.
Current Relationship Between Two Companies
The two companies have already established a collaborative relationship. In June, PanGen signed a contract with Huonslab, a Huons subsidiary, to produce clinical samples of human hyaluronidase and conduct validation for product approval.
Human hyaluronidase is a key ingredient in the development of subcutaneous formulations for various drugs, including cancer treatments and antibody therapies.
Huons Vision
By acquiring a significant stake in PanGen, Huons aims to accelerate its entry into the biopharmaceutical CDMO business and solidify its position in the global healthcare market.
The company believes that this strategic move will create significant synergies between its affiliates and drive future growth.
