Samsung Biologics to raise $2.17 bil. via rights offering - The Korea Times

Samsung Biologics said Friday it will raise 3 trillion won through a rights offering to fund its long-term growth strategy. Most of the proceeds, 2.71 trillion won, will go toward its planned acquisition of Swiss-based PolyPeptide Group. The company will issue 2.27 million common shares at 1,322,000 won each on Nov. 4, with the new shares targeted for listing on Nov. 30.

Samsung Biologics headquarters / Korea Times file

Samsung Biologics announced Friday it would raise 3 trillion won ($2.17 billion) through a rights offering as part of efforts to fund investments in its long-term growth strategy.

Some 2.71 trillion won from the offering proceeds will be used for its planned acquisition of the Swiss-based PolyPeptide Group, the biotech arm of Samsung Group said.

In July, the company had announced plans to acquire the specialized contract development and manufacturing firm as part of efforts to expand its portfolio.