Dim outlook for Korean biotech firms’ rights offerings

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The story "Dim outlook for Korean biotech firms’ rights offerings" was covered 2 weeks ago by Korea Economic Daily, a news publisher based in South Korea.

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Dim outlook for Korean biotech firms’ rights offerings - Korea Economic Daily

Quick Summary:

South Korea’s bio and tech-heavy market Kosdaq-listed Shaperon Inc.raised 12.7 billion won ($9.2 million) from its latest rights offering, selling only about half of its planned offer amid concerns about the biotech industry and share value dilution.

Other Korean biotech companies planning rights offerings later include SillaJen Inc.hoping to raise 114.4 billion won, Aprogen Biologics Inc.with 61.0 billion won, Bridge Biotherapeutics Inc.with 26.3 billion won, Cellid Co.with 17.5 billion won and DX&VX Co.with 50.4 billion won.

Its unsuccessful new share sale rings alarm bells for upcoming rights offerings by other Korean biotech companies, whose stocks have nosedived after announcing their new share sale plans earlier this year.