CGBio raises CG MedTech stake to 42% in $1.8M share purchase
What's the deal? CGBioDealroom has a profile for this one. Try Dealroom → has bought an additional 2.07 million common shares of CG MedTechDealroom has a profile for this one. Try Dealroom → for about US$2.05M (roughly $1.8 million), lifting its stake from 40.41% to 42.41%. The regenerative medicine firm purchased the shares on the open market between September 3 and 9, following a pre-announced trading plan.
Who's involved? CGBio is a regenerative medicine subsidiary of South Korea's Daewoong GroupDealroom has a profile for this one. Try Dealroom → and a related company of Daewoong PharmaceuticalDealroom has a profile for this one. Try Dealroom →. CG MedTech, also tied to Daewoong, develops and manufactures orthopedic, spinal, and dental implants.
What's the endgame? CGBio plans to deepen collaboration between the two companies in product development, production, and overseas business. It aims to pair its biomaterial research and commercialisation expertise with CG MedTech's device manufacturing capabilities.
What's next? CG MedTech is also pursuing a stock consolidation, merging five common shares into one. Approved at an extraordinary shareholders' meeting in August, the consolidated shares are set to re-list on October 7.
The company is expanding into human-derived extracellular matrix (hECM) products and contract development and manufacturing organization (CDMO) services for human tissues.
The signal: By tightening its grip as the largest shareholder, CGBio is consolidating Daewoong Group's position across regenerative medicine and medical devices — betting that integration between biomaterials and implants will yield stronger products and export reach.
Read more: chosun.com
Image credit: pingnews.com
