Lotte Biologics said it decided to reduce the scale of a paid-in capital increase, originally planned to finance the acquisition of Bristol-Myers Squibb (BMS)'s Syracuse plant in the U.S.

According to Lotte Biologics' revised disclosure on Thursday, the paid-in capital increase will be reduced from 3.7 million shares (240.5 billion won or $170.2 million) to 3.24 million shares (210.6 billion won).

Accordingly, the amount of investment by Lotte Holdings, which decided to participate in this paid-in capital increase, will go down from 2.96 million shares (192.4 billion won) to 2.592 million shares (168.48 billion won).

The company explained that it reduced the size of the capital increase as the won has become stronger against the greenback since Oct. 20 when it announced its first paid-in capital increase plan.

The won against the dollar weakened to 1,400-won levels in September but gained strength to trade at 1,307 won as of 3:00 p.m. Friday.

"We are currently in the process of finalizing the acquisition," a Lotte Biologics official told Korea Biomedical Review. "We will complete the acquisition within the year."

Meanwhile, Lotte Biologics also posted another disclosure stating that it would grant stock options worth 7 billion won to seven executives including CEO Lee Won-jik. 

According to the company, Lee and six other executives will receive 108,062 new shares, with an issuance price of 65,000 won. Among them, Lee will receive 69,230 shares worth 4.5 billion won.

"The stock option will be granted after final approval at the general shareholders' meeting at a later date," the company said. "Actual stock issuance, quantity, amount, and timing of capital increase, may change depending on the decision of the grantee to exercise the stock option at the time when the stock option can be exercised."