CanaryBio Incorporates Subsidiary Holding Bio Intangible Assets as 100% Wholly Owned Subsidiary

Canaria Bio announced on the 17th that it has been able to finalize the merger with its wholly owned special purpose subsidiary LSL CNC, originally planned last year, by changing the merger reference date to the 28th.

A company official stated that although the merger was delayed due to some creditors expressing opposition during the creditor protection procedure for the initial merger, the merger process was able to be completed by fully repaying the debts to those creditors.

CEO Nahanik said, “Through this merger, Canaria Bio will incorporate its existing subsidiary (formerly MHC&C), which holds bio-assets including oregovomab, as a 100% subsidiary, strengthening the internal management system for the bio business division and completing the business restructuring to jointly lead clinical progress. This will simplify major decision-making for the bio business and enable more efficient organizational management.”