Prestige Biopharma Major Shareholder Acquires 2 Billion KRW Worth of Treasury Shares

[Asia Economy Reporter Lee Gwan-joo] Prestige BioPharma announced on the 23rd that its largest shareholder, CEO Park So-yeon, and Vice Chairman (COO) Kim Jin-woo purchased 138,206 shares of the company's stock through on-market buying.

The total amount of shares purchased by the two executives is approximately 2 billion KRW. Their individual holdings increased from 15.29% to 15.40% for Chairman Park, and from 14.83% to 14.94% for Vice Chairman Kim. The two executives also stated that they are considering additional stock purchases in the future.

This share buyback is analyzed to have been made after the stock price dropped due to the European Medicines Agency (EMA)'s negative opinion on the Phase 3 clinical trial of 'HD201,' a Herceptin biosimilar currently under development by Prestige BioPharma.

CEO Park said, “This on-market purchase was decided as part of responsible management in response to the recent sharp decline in stock price, based on confidence in stock price stabilization and the company's intrinsic value.” She added, “We deeply feel responsible for the excessive drop in stock price and will do our best to realize the company's development potential and corporate growth prospects.”