Samsung Biologics to raise $2.17 bil. via rights offering

Samsung Biologics announced Friday it would raise 3 trillion won ($2.17 billion) through a rights offering as part of efforts to fund investments in its long-term growth strategy. Some 2.71 trillion won from the offering proceeds will be used for its planned acquisition of the Swiss-based PolyPeptide Group, the biotech arm of Samsung Group said. In July, the company had announced plans to acquire the specialized contract development and manufacturing firm as part of efforts to expand its portfolio. Samsung Biologics will issue 2.27 million common shares at a price of 1,322,000 won per share on Nov. 4, which will be sold to the firm's shareholders, a regulatory filing by the company revealed. The offering will be made to existing shareholders on a pro-rata basis, followed by a general public offering of any unsubscribed shares. The new shares are targeted for listing on Nov. 30.