DaVoice Sues Perplexity AI Over Trade Secrets 
Solidigm Eyes $150 Billion IPO as SK Hynix Expands AI Storage Push 
Suzuki Targets Faster Car Development to Keep Pace With Chinese Rivals 
Almonty Industries Shares Jump 8% After Stifel Sets $25 Target 
OpenAI Agent Breaches Australia Medicare Data Portal 
Airbus Finds A321neo Fuselage Quality Issue 
FDA Approves Mirum’s Atebrioz for Rare Bone Disorder FOP 
AMD Hits $1 Trillion as BofA Raises Price Target to $720 
US Appeals Court Upholds Anthropic AI Supply Chain Ban 
Dubai’s connectivity remains strong in an uncertain world 
SMBC Eyes 20% VPBank Stake in Vietnam Expansion 
Tesla Semi Rollout Begins at Nevada Factory 
Former OpenAI Data Center Chief Chris Malone Joins Nvidia 
BlackBerry Shares Rise as Q2 Earnings, Revenue Beat Estimates 
SpaceXAI to Double Nvidia Chips at Colossus 2 by Year-End 
Oura IPO Draws Strong Demand Ahead of $2.2 Billion Offering 
Add as a preferred source on Google
Orion Group purchased a controlling stake in LegoChem Biosciences, a South Korean research-based biotechnology company dedicated to discovering, developing, and commercializing innovative medicines. The confectionery company is acquiring a 25.7% stake worth KRW550 billion or around $418 million.
With the size of its acquisition, the Orion Group has now become the largest shareholder of LegoChem Biosciences. The firm made the deal as it seeks to broaden its business and enter into new drug development business beyond antibody-drug conjugate platform technology, as per the Korea Joongang Daily.
What is Included in the Agreement
Pan Orion Corporation, the Hong Kong-headquartered subsidiary of the Orion Group, led the acquisition deal. Based on the reports, the agreement includes a combination of share purchases and rights offerings.
Moreover, it was stated in the electronic disclosure of the Financial Supervisory Service that Orion will buy 7.96 million units of new stakes at KRW59,000 per share. In addition, it will also purchase 1.4 million existing shares at the base rate of 56,186 per share. Orion is scheduled to settle the payment for the acquisition on March 29.
Orion's Venture Into Biotech Business
The Korea Economic Daily reported that this buyout deal not only marks the Orion Group's deeper venture into the biotech industry but is also expected to help the company in achieving its goal of giving a boost to LegoChem Biosciences by providing the needed financial push for clinical development and encouraging new technology research.
Once the deal is completed, Orion will be the largest shareholder in LegoChem Biosciences. Currently, the company's chief executive officer, Kim Yong Zu, holds the biggest share, and after the acquisition, he will still retain some of his shares and keep his CEO position. LegoChem is also set to become one of the confectionery giant's affiliates.
Photo by: Orion Website
