South Korean drugmaker Boryung is doubling down on its space healthcare ambitions, raising 175 billion won ($134 million) through a new share issue that has sparked concerns about its strategic direction.
The company will sell 18.1 million new shares at 9,670 won each, with about 75 billion won earmarked for operations and 50 billion won for facilities. This follows the July sale of its 47-year-old Seoul headquarters for 131.5 billion won ($101 million).
Under CEO Kim Jung-kyun’s leadership, Boryung has aggressively expanded into space medicine since 2022, when it invested $60 million in U.S. space station developer Axiom Space. The company recently sponsored the International Astronautical Congress in Milan, where it ran a space medicine competition.
Industry observers question the pharmaceutical firm’s heavy spending on space ventures. A space industry executive expressed concern about the uncertain revenue prospects of these investments, while noting Boryung’s growing presence at international space events.
The company has invested in eight healthcare startups focused on microgravity environments and formed BraX Space, a joint venture with Axiom Space. These moves reflect CEO Kim’s strong personal interest in space exploration, according to pharmaceutical industry sources.
