HLB Group is surging across the board on news that it will attract investment from a global asset manager.
As of 9:06 a.m. on the 6th, HLB is trading at 56,000 won, up 8,850 won (18.77%) from the previous session. HLB PAHRMA is up 25.56%, HLB Therapeutics 18.93%, and HLB Innovation 18.67%, also showing strength.
HLB Group said on the previous day that British global asset manager LMR Partners will make a strategic investment of $145 million (about 200 billion won). It will acquire $140 million in bonds with warrants (BW) from HLB and $5 million in exchangeable bonds (EB) from HLB Life Science.
The investment funds will be used to advance clinical development and global commercialization by U.S. subsidiary Elevar. HLB Group expects the fundraising to add momentum to U.S. Food and Drug Administration (FDA) approval of liver and bile duct cancer treatments and to subsequent pipeline development.