April 19, 2024

• 

[THE INVESTOR] Korean firm Handok Pharmaceuticals said on Jan. 8 that it has entered a US$25 million preferred stock purchase agreement with local player Genexine to invest in an American drug maker.

The arrangement allows the two companies to purchase a combined 54 percent share of Rezolute, a clinical stage biopharmaceutical company, officials said.

Handok said the purchase is a strategic investment as the company aims to make further inroads into the world’s largest biopharma market.

“We believe the purchase will play a bigger role for us to make a headway in the United States,” Handok CEO Kim Young-jin said in a press release.

Rezolute, established in 2010, specializes in the development of medication to fight metabolic and orphan diseases.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)