Samsung Biologics to raise W3tr via rights offering

Samsung Biologics announced Friday it would raise 3 trillion won ($2.17 billion) through a rights offering as part of efforts to fund investments in its long-term growth strategy.

Some 2.71 trillion won from the offering proceeds will be used for its planned acquisition of the Swiss-based PolyPeptide Group, the biotech arm of Samsung Group said.

In July, the company had announced plans to acquire the specialized contract development and manufacturing firm as part of efforts to expand its portfol