HLB Approves 'KOSPI Transfer Listing' at Extraordinary General Meeting

Anti-cancer drug development company HLB decided on the 21st to transfer its listing to the Korea Exchange (KRX) from the KOSDAQ market.

HLB announced that at the extraordinary general meeting held that day, the resolution to delist from the KOSDAQ market conditionally and to approve the transfer listing to the Korea Exchange was passed.

Accordingly, HLB plans to submit a delisting application to the KOSDAQ market and file a preliminary review request for transfer listing to the Korea Exchange, proceeding with the transfer listing process. The preliminary review process will be handled by the lead underwriter, Korea Investment & Securities.

Previously, HLB stated that there had been shareholder requests for transfer to KOSPI, and that the transfer listing is being pursued to enhance corporate value in anticipation of new drug approvals next year. Through its U.S. subsidiary Elevar, HLB has been developing a combination therapy of the targeted anti-cancer drug 'Rivoceranib' and the immuno-oncology drug 'Camrelizumab' from Chinese pharmaceutical company Hansoh Pharmaceutical as a first-line treatment for liver cancer. In October, Elevar also acquired the global rights (excluding Korea and China) for 'Camrelizumab.'

The combination therapy of these two drugs was approved as a first-line treatment for liver cancer in China earlier this year, and a new drug application has been submitted to the U.S. Food and Drug Administration (FDA).

After the extraordinary general meeting, HLB held a separate shareholder meeting. At the meeting, Jin Yang-gon, Chairman of the HLB Group, said, “The company has focused all its energy on obtaining new drug approval and rapid market launch in the U.S. market, which accounts for 75% of the overall liver cancer market.” He added, “After approval of the liver cancer treatment, we will quickly expand the pipeline into other treatment areas such as adjuvant therapy before liver cancer surgery to increase corporate value in the long term.” Furthermore, he stated, “Considering the market capitalization levels of overseas companies such as Eisai and BeiGene before and after new drug approvals, HLB’s corporate value is still significantly undervalued.”