Merck Deal Boosts Founder Of Little-Known Korean Biotech Company Into Billionaire Ranks

gettyAmid a frenzy for AI-related stocks, shares of a little-known biotech company in South Korea got an Nvidia-esque boost. Alteogen, a pharmaceutical company with nothing to do with AI, saw its share price jump about 25% Friday to an all-time high after it announced a licensing deal with drug giant Merck. The stock surge has made Park Soon-jae, the company’s founder and CEO, South Korea’s newest billionaire.Park, who turns 70 in December, is the largest shareholder of Alteogen, with a 19.4% stake worth $1 ...