Hyundai Feed Changes Name to Canary Bio... Full-Scale Entry into Bio Business

[Asia Economy Reporter Jang Hyowon] Hyundai Feed Co., Ltd. (CEO Nahanik) held an extraordinary general meeting of shareholders on the 17th and announced on the 20th that it approved the agenda to change its company name to ‘Canaria Bio’ and appoint Vice President Moon Hyunwook as an inside director as originally proposed.

This name change is part of a strategy to expand its business area into the pharmaceutical bio market. A company official explained, “Through cooperation among affiliated companies, we are making a full-scale entry into the bio business, reflecting our commitment to the company’s continuous growth.” Previously, Hyundai Feed approved an amendment to its articles of incorporation to add new drug development as a business purpose at an extraordinary general meeting held on the 4th of last month.

Additionally, to fully enter the bio business, Hyundai Feed will shift from a dual CEO system with Nahanik and Lee Changhyun to a sole CEO system under Nahanik. This is intended to accelerate the pace of entry into the bio business based on a faster decision-making structure.

CEO Nahanik previously founded and operated Genopis, a U.S.-based contract manufacturing organization (CMO) specializing in biopharmaceuticals, and has accumulated experience across all areas of new drug development including planning, development, technology export, and M&A at Helixmith, Neuromion, and ANLBIO. He also worked as a management consultant at Deloitte in New York and as a bio analyst at Macquarie, an Australian investment bank, and Nomura, a Japanese investment bank.

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