JAKARTA – PT Kalbe Farma Tbk (KLBF), a pharmaceutical company, has made an investment worth USD 10 million in Progen Co. Ltd. to enhance the collaboration of research and development (R&D) in biological drugs.

Lukito Kurniawan Gozali, Corporate Secretary of Kalbe Farma, explained that the investment consists of the acquisition of Progen’s shares worth USD 3 million and the issuance of convertible bonds of USD 7 million. “The investment value is calculated alongside a third party, based on the common price,” he said, as quoted today (17/1).

According to Gozali, 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 million 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%. (LK/ZH)