Huons Acquires PanGen... “Expanding CDMO Services for Biopharmaceuticals”
Acquires 31.5% Stake, Secures Production Base for Hyaluronidase Raw Materials
Huons is set to expand its biopharmaceutical R&D and contract development and manufacturing organization (CDMO) services with its acquisition of PanGen, a specialized biopharmaceutical company.
On the 5th, Huons (Co-CEOs Song Soo-young and Yoon Sang-bae) announced that it would invest KRW 14.3 billion (USD 10.8 million) to acquire 2,647,378 shares of PanGen (Co-CEOs Yoon Jae-seung and Jung In-cheol) through the purchase of existing shares and a third-party allotment of new shares.
Following a board resolution on the same day, Huons entered into a stock purchase agreement with PanGen’s current largest shareholder, CG Invites. Huons is also set to acquire newly issued shares of PanGen. Upon completion of the acquisition, Huons will own a total of 3,983,167 shares, representing a 31.53% stake, making it PanGen’s largest shareholder. After the acquisition is finalized, Huons plans to secure management rights through an extraordinary shareholders’ meeting and integrate PanGen as a subsidiary.
Huons aims to bolster its biopharmaceutical development and CDMO business through this acquisition. PanGen is equipped with GMP-compliant facilities for biopharmaceutical production and possesses foundational cell line development technology, known as “PanGen CHO-TECH,” along with commercialization capabilities.
In June, PanGen signed a validation and contract manufacturing agreement with Huons Lab, a subsidiary of Huons Global, for clinical sample production and product approval for human-derived hyaluronidase. Human-derived hyaluronidase is used to conveniently convert intravenous (IV) formulations of drugs, including anticancer and antibody medicines, into subcutaneous (SC) formulations.
The patent held by U.S.-based Halozyme expired in Korea in March and is set to expire in the U.S. in 2027. Huons Lab is currently developing human-derived hyaluronidase, with clinical trial materials (DS) produced by PanGen, following IND (Investigational New Drug) approval from the Ministry of Food and Drug Safety in August.
A representative from Huons stated, “The incorporation of PanGen as a subsidiary will drive revenue growth and facilitate entry into new biopharmaceutical CDMO ventures. We plan to maximize synergies within our family of companies to lead the healthcare market.”