Korea's National Growth Fund makes first bio bet: $323M in LegoChem
What's the deal? LegoChem BiosciencesDealroom has a profile for this one. Try Dealroom →, a South Korean cancer-drug developer, has raised 500 billion Korean won (about $323 million) in a post-IPO convertible round.
Korea Development BankDealroom has a profile for this one. Try Dealroom → is leading, investing 250 billion won via the Advanced Strategic Industry Fund through convertible preferred stock and convertible bonds.
The remaining 250 billion won is split between Orion GroupDealroom has a profile for this one. Try Dealroom →, the largest shareholder, and domestic institutional investors. Orion took its top stake in 2024 through PAN ORION.
LegoChem plans to spend the money on new drug research, including antibody-drug conjugates and immune oncology treatments. The payment date is set for July 24, 2026.
Why now? This marks the National Growth Fund's first direct investment in the bio sector, a notable shift in how Korea deploys policy finance.
Until now, the fund's direct bets concentrated on AI and semiconductor startups such as Rebellions, Upstage, and FuriosaAI.
The signal: Korea Development Bank's first direct bio bet via the National Growth Fund channels policy finance into a late-stage biotech with a research-based ADC pipeline, signalling that the state's deep-tech playbook is now extending into cancer-drug development. With Orion Group, the largest shareholder since 2024, doubling down alongside the bank, the round backs a maturing company rather than an early-stage gamble.
Read more: The Chosun Daily
Image credit: Phil and Pam
