KLBF - Place USD10 mn investment to Progen Co. Ltd.

Kalbe Farma (KLBF) has made an investment worth USD10 mn in Progen Co. Ltd. to enhance the collaboration of research and development (R&D) in biological drugs. The investment consists of the acquisition of Progen’s shares worth USD3 mn and the issuance of convertible bonds of USD7 mn. Progen is a research and development company for biological drugs, including cancer therapy. KLBF and Progen are not affiliated. Progen’s authorised capital is 6,712,000 mn shares. Its shareholders consist of Intervest Investment of 24.88%, SL Bigen of 13.27%, Kclavis Investment (31st fund) of 7.45%, Changhoon Lee of 6.21%, ST Laders Private Equity of 3.92%, and others of 44.27%. (Source : IDN Financials)