Dong-A ST "Stelara Biosimilar, US and Europe Approval Applications in First Half of Year"

Regular Shareholders' Meeting Held

Dong-A ST announced on the morning of the 28th that it held the 10th regular general meeting of shareholders at its headquarters in Yongdu-dong, Seoul, attended by shareholders and company executives.

The scene of the Dong-A ST shareholders' meeting held on the morning of the 28th. [Photo by Dong-A ST]

At this regular general meeting of shareholders, four agenda items were presented: approval of the financial statements and consolidated financial statements, partial amendment of the articles of incorporation, appointment of directors, and approval of the limit on directors' remuneration. All were passed as originally proposed.

Kim Min-young, President of Dong-A ST, said in his greeting, "Despite many difficulties in the business environment last year due to global inflation such as rising raw material prices and sharp interest rate hikes, we achieved growth in both sales and operating profit." He emphasized, "We incorporated Neurobo Pharmaceuticals, a Nasdaq-listed company located in Boston, USA, as a subsidiary, securing a global research and development (R&D) forward base."

President Kim stated, "The biosimilar of the global blockbuster product Stelara, 'DMB-3115,' is scheduled to apply for product approval in the United States and Europe in the first half of this year based on the results of Phase 3 clinical trials." He added, "We will strengthen research in the fields of immuno-oncology and metabolic disease therapeutics to become a company that stands out in research and development."

Regarding the approval of the financial statements, Dong-A ST achieved sales of 635.8 billion KRW, a 7.7% increase compared to the previous year on a separate basis, and operating profit of 30.5 billion KRW, a 97.0% increase. The proposal for a cash dividend of 700 KRW per common share and a stock dividend of 0.02 shares per share was also presented and approved. The partial amendment of the articles of incorporation, proposed to revise regulations such as the dividend record date, was approved. This improvement allows the dividend record date to be finalized after the dividend amount is decided, increasing the predictability of dividends.

As for outside directors, Kim Hak-jun, CEO of Yeouido Administrative Law Firm, was reappointed. Jung Jae-hoon, Vice President of Dong-A Socio Holdings, was newly appointed as a non-executive director. Vice President Jung plans to enhance competitiveness through organic cooperation and synergy with affiliates.

President Kim concluded, "Dong-A ST has practiced the management philosophy of integrity management, the group’s management philosophy, by actively enhancing shareholder value through treasury stock purchases and stock dividends, as well as compliance management and strengthening ESG (environment, social, governance) functions." He added, "We will continue to strive to become a company that grows together with society."