SEOUL — Legochem Biosciences Inc., a South Korean pharmaceutical company, has announced plans to raise 469.8 billion won (US$355.9 million) through the issuance of new shares. The announcement was made in a regulatory filing on Monday.
According to Yonhap News Agency, the filing detailed that Legochem Biosciences will issue approximately 7.96 million common shares at a price of 59,000 won each. The shares will be sold to the third-party investor Pan Orion Corp. The proceeds from this rights offering are earmarked primarily for financing the company's operations. Legochem Biosciences is listed on South Korea's secondary KOSDAQ market.
The capital raised through this offering is expected to support Legochem Biosciences' ongoing and future projects in the pharmaceutical sector.