HLB "Successful Physical Division... Transition to a Bio Company"

Deadline for Stock Purchase Rights Exercise
Biotech Companies Transition Ahead of Next Month's FDA NDA

HLB announced on the 20th that it has transformed into a bio company through the physical division of its shipbuilding business division, following the smooth completion of the exercise of stock purchase rights.

HLB logo. [Image provided by HLB]

Accordingly, HLB plans to finalize the division process of the shipbuilding business division (HLB ENG) after the division date on the 19th of next month. HLB will become a fully-fledged bio company, and HLB ENG will become an unlisted company and a 100% subsidiary of HLB.

Earlier, the company had announced its decision to split the company in February. The number of shares exercised by shareholders who claimed the purchase rights by the 19th remained at a small scale, leading to the successful physical division. If the amount exercised for stock purchase rights opposing the division exceeded 5 billion KRW, the division decision could have been withdrawn.

HLB is preparing to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) next month for a first-line treatment for liver cancer. So far, only six new drugs developed by domestic pharmaceutical companies have received FDA approval, and the company explained that HLB is the first to successfully complete a global Phase 3 clinical trial directly in the oncology field and proceed with an NDA. HLB plans to start production and commercialization preparations simultaneously with the NDA submission to enable immediate sales upon approval.

An HLB official stated, "Following the industry change on the stock exchange last December and the successful physical division this time, we have been reborn as the 'complete bio company' long desired by our shareholders," adding, "We will continue to achieve results not only in liver cancer drug development but also in subsequent pipelines, advancing as a global bio company."

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