SEOUL, Jan. 8 (Yonhap) -- South Korean drugmaker Handok Pharmaceuticals Co. said Tuesday that it has entered a US$25 million preferred stock purchase agreement with local player Genexine Inc. to invest in an American drugmaker.
The arrangement allows the two companies to purchase a combined 54 percent share of Rezolute Inc., a clinical stage biopharmaceutical company, officials said.
Handok Pharmaceutical said the purchase is a strategic investment as the company aims to make further inroads into the world's largest biopharmaceutical market.
"We believe the purchase will play a bigger role for Handok to make headway in the United States," CEO Kim Young-jin said in a press release.
Rezolute, established in 2010, specializes in the development of medication to fight metabolic and orphan diseases.
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