Hwashin Tech Enters New Drug Development Business... Changes Majority Shareholder to 'Innowise Korea'

[Asia Economy Reporter Eunmo Koo] Hwashin Tech is entering the anticancer new drug development business, including autoimmune therapeutics, as it welcomes a new owner.

Hwashin Tech announced on the 3rd that it has completed the change of its largest shareholder from H&Bridge Investment Association to InnoWise Korea and will officially launch its new drug development business as a new growth engine.

On the 31st of last month, InnoWise Korea secured the largest shareholder status with a 21.70% stake (4,854,368 shares) in Hwashin Tech through a third-party allotment paid-in capital increase of approximately 10 billion KRW. On the same day, Epam Bio Investment Association became the second-largest shareholder of Hwashin Tech (16.12% stake, 3,539,823 shares) through a paid-in capital increase of 8 billion KRW.

InnoWise Korea, the new owner of Hwashin Tech, is the Korean branch established by InnoWise, a subsidiary of the global bio company Neopharma, to enter the Asian market. InnoWise is a large-scale research and development (R&D) specialized new drug development company that owns the rights to new drug substances developed by Neopharma. It has secured a research workforce of over 400 PhDs in the pharmaceutical and bio fields and has expanded into several overseas markets, including production plants in India and branches in the United States and Japan.

By securing the largest shareholder status in Hwashin Tech, InnoWise Korea plans to acquire nine new drug substances owned by InnoWise. Once InnoWise Korea acquires these new drug candidate substances, Hwashin Tech is expected to transform into a specialized new drug development company.

InnoWise Korea recently commissioned a major accounting firm to evaluate the value of the nine new drug substances for asset acquisition. Among these are many anticancer therapeutics, including autoimmune therapeutics, lung cancer, liver cancer, and bone cancer treatments.

A company official stated, “With the Korean branch of a global new drug development company becoming the largest shareholder, Hwashin Tech has laid the foundation not only to secure new growth engines but also to leap forward as a global pharmaceutical company,” adding, “We plan to achieve visible results this year by promoting new drug development projects through asset acquisition.”

This content was produced with the assistance of AI translation services.