Korean biopharmaceutical company Celltrion last night raised $300 million from a convertible bond to fund product development, raw materials costs and other working capital requirements. The company, which is listed on Kosdaq, doesn’t have any outstanding debt in the international markets and this was its debut CB.
The deal has a five-year maturity but can be put back to the company at par on the third anniversary. Like other Korean CBs it has a...