Prestige Biopharma Becomes Largest Shareholder of Prestige Biologics... Vertical Integration of Governance Structure

Antibody Drug & CDMO Comprehensive Pharma-Bio Company Leap
Prestige 바이로로직스 Appoints Hyun Deok-hoon as New CEO

Inauguration Ceremony of Hyun Deok-hoon as the New CEO of Prestige Biologics.

[Asia Economy Reporter Lee Gwan-joo] Prestige BioPharma announced on the 29th that it will participate in Prestige BioLogics' 60 billion KRW third-party allotment paid-in capital increase.

With this, Prestige BioPharma will become the largest shareholder, securing a 24.88% stake in Prestige BioLogics. The issue price is 4,342 KRW, and all shares will be under a one-year lock-up period.

This vertical integration through the acquisition of shares was decided to establish the group's governance structure and maximize synergy effects among group companies. Through this contract, Prestige BioPharma can alleviate the burden caused by delays in biopharmaceutical development and reflect Prestige BioLogics' contract development and manufacturing organization (CDMO) performance on a consolidated basis.

Additionally, Prestige BioLogics appointed Hyun Deok-hoon as the new CEO and plans to enhance group-level efficiency and maximize global competitiveness through organizational restructuring. CEO Hyun is a former executive of the global ERP (Enterprise Resource Planning) company SAP and has been leading Prestige BioLogics' 'Digital Transformation' project since last year.

CEO Hyun stated, "At this point, where innovation in the production process to improve speed, quality, and price competitiveness is being completed through the headquarters factory, I have been entrusted with the important task of continuing the final preparations to bear the first fruits." He added, "We will strengthen ICT technology capabilities essential for data management and factory automation in CDMO to create new synergies."

Park So-yeon, CEO of Prestige BioPharma, emphasized, "This vertical integration of the group companies is an indispensable management strategy for expanding the company's profitability and achieving stable external growth, so we will strive to proceed with the business more actively to enhance shareholder value."

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