Prestige BioPharma Group, Major Shareholders of Both Companies Make Additional On-Exchange Stock Purchases

[Asia Economy Reporter Lee Gwan-ju] Park So-yeon, chairwoman, and Kim Jin-woo, vice chairman, the largest shareholders of Prestige BioPharma and Prestige BioLogics, additionally purchased company shares on the market on the 2nd.

Since the first announcement of their share purchase last month, Chairwoman Park and Vice Chairman Kim acquired an additional 137,420 shares of Prestige BioPharma through their jointly invested company, Mason Partners. For Prestige BioLogics shares, Chairwoman Park purchased 19,337 shares and Vice Chairman Kim purchased 19,301 shares under their own names. Including a stock purchase worth 2 billion KRW last month, they have bought a total of 4 billion KRW worth of shares.

This additional share purchase is interpreted as a measure to defend against the stock price decline. Chairwoman Park explained, “Despite various difficulties due to the COVID-19 pandemic situation, our pipeline development and commercialization efforts have been progressing steadily. However, I believe the short-term stock price decline is excessive, so I decided to purchase additional shares.”

Chairwoman Park added, “Since we have promptly filed for a re-examination following the European Medicines Agency (EMA) announcement regarding HD201, we are actively responding, and I am confident that the growth potential of the Prestige BioPharma group remains bright. I will do my best in responsible management to restore our corporate value.”

Last month, Prestige BioPharma applied for a re-examination of the marketing authorization for the Herceptin biosimilar HD201 to the Committee for Medicinal Products for Human Use under the European Medicines Agency (EMA). It is expected to take about four months to receive the re-examination results.