Hyundai Feed Acquires 386.1 Billion Won Corporate Bonds from Canaria Bio

[Asia Economy Reporter Jang Hyowon] Hyundai Feed (CEO Nahanik) announced on the 21st that it has signed a contract to acquire all corporate bonds worth 386.1 billion KRW issued by LSL C&C, owned by Canaria Bio.

Hyundai Feed plans to issue convertible bonds (CB) to offset the bond acquisition payment and complete the payment on July 7.

LSL C&C is a subsidiary of Canaria Bio, which holds bio-assets. Through this transfer contract, Hyundai Feed will become the largest creditor of LSL C&C. Hyundai Feed has expressed its intention to expand its business area into the bio market by adding new drug development as a business purpose in its articles of incorporation. The company aims to actively enter the bio business through cooperation among affiliated companies and thereby promote sustainable growth.

The bio-assets held by LSL C&C include Oregovomab, which is currently undergoing global Phase 3 clinical trials. Oregovomab has a mechanism that binds to the CA125 antigen overexpressed in ovarian cancer, enabling T cells to attack cancer cells. In Phase 2 clinical trials, progression-free survival (PFS) increased by 30 months compared to the control group, reaching 42 months.

Considering that global blockbuster immuno-oncology drugs generating trillion-won sales in the market extend PFS by about 3 to 5 months, this is a very encouraging result.

Oregovomab was also recommended as the most promising new drug among immuno-oncology agents targeting ovarian cancer by the oncology specialist site ‘OncoLive.’ The global Phase 3 trial is underway at about 130 sites in 14 countries worldwide, aiming to complete recruitment of 602 patients by the end of this year.

Additionally, to actively 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 to accelerate the pace of bio business entry 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 in all areas of new drug development including planning, development, technology export, and M&A at Helixmith, Neuromion, and ANLBIO.

CEO Nahanik stated, “Through collaboration among affiliated companies, the global Phase 3 clinical trial of Oregovomab, an ovarian cancer treatment currently underway, is progressing smoothly. Preparations are also being made to accelerate various other research clinical trials and clinical studies involving new combination therapies of Oregovomab with existing drugs.”

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