[Alpha Biz=(Chicago) Reporter Kim Jisun] Orion Group is speeding up its bio business based on a total of 1 trillion won in funding.

Orion Group plans to use its Chinese network to focus on expanding its business into a bio-platform company first and develop new drugs in the future.

Orion recently pushed for the acquisition of Alteogen's management rights to expand its bio business.

To that end, Orion reportedly tried to secure more than 20% of its shares, including shares held by Alteogen CEO Park Soon-jae and related parties, for about 700 billion won, including a management premium. The acquisition, which seemed to be going smoothly, was put on hold at the last stage and eventually foundered.

The failure to acquire Alteogen is also proof that Orion is working hard on the bio business. The industry also analyzed that Orion pursued the acquisition of Alteogen to strengthen its bio platform.

In fact, Orion is strengthening its initial bio business capabilities through its platform business based on the Chinese network. In the long run, the company plans to expand its business to synthetic drugs, biopharmaceuticals, and new drug development.

 

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