Huons expands biopharma capacity with PanGen stake, Hyaluronidase development

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Huons expands biopharma capacity with PanGen stake, Hyaluronidase development

Published: 06 Nov. 2024, 15:14 Updated: 07 Nov. 2024, 14:19

The Huons Logo [HUONS]

Huons has announced the acquisition of biopharmaceutical company PanGen to expand its research and development (R&D) and contract development and manufacturing organization (CDMO) capabilities.

Led by Song Sooyoung and Yoon Sangbae, Huons confirmed on Nov. 5 that it will invest 14.3 billion won ($10.3 million) in PanGen Biotech. PanGen, headed by CEOs Yoon Jae-Seoung and Jung In-cheol, was acquired by Huons for 2.6 million shares.

The acquisition involved both a third-party allotment and the purchase of existing shares. Huons’ board of directors signed a stock purchase agreement with CG Invites, the former largest shareholder of PanGen. Following the purchase of new shares issued by PanGen, Huons will become the largest shareholder with a 31.53 percent stake, holding just under four million shares.

Once the acquisition is finalized, Huons plans to secure management rights through an extraordinary meeting of PanGen shareholders, making the company a Huons subsidiary.

The acquisition aims to strengthen Huons’ biopharmaceutical R&D and CDMO capabilities. Huons will leverage PanGen’s resources, including its good manufacturing practice (GMP) facilities for biopharmaceutical production, product commercialization and the proprietary PanGen CHO-TECH cell line development technology.

In June, PanGen signed a validation consignment contract with Huons Global’s subsidiary Huons Lab for the clinical sample production and product approval of human-derived hyaluronidase, a pharmaceutical material used for subcutaneous delivery of oncology or antibody drugs. Halozyme’s patent for this enzyme expired in Korea this March, with the U.S. patent expiring in 2027. With this opportunity, Huons Lab has received Ministry of Food and Drug Safety (IND) approval for clinical trials, and development is ongoing.

Through the PanGen acquisition, Huons has secured a stable production base to develop and commercialize human-derived hyaluronidase as well as other biopharmaceuticals.

“With the acquisition of PanGen, we expect increased profits and a strong entry into the biopharmaceutical CDMO sector,” said a Huons representative. “We aim to lead the health care market by maximizing synergies among our subsidiaries.”

With its expanded biopharmaceutical capacity, Huons is set to enhance its competitive edge in the global market.

BY KIM YEONSOO [[email protected]]

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