Jakarta - PT Kalbe Farma Tbk (KLBF) invested US$ 10 million in a research and development company for biological products based in South Korea, Progen Co Ltd.

"This investment consists of buying Progen shares worth US$3 million or the equivalent of 8.7% share ownership and purchasing convertible bonds with a total of US$7 million with a 5-year tenor and a yield of 5%," said KLBF Corporate Secretary Lukito Kurniawan Gozali quoted in the information disclosure in Jakarta on Thursday (1/5).

The investment aims to increase the company's competence in the research and development of biological products.