The merger plan between HLB and HLB Life Science has been approved at the extraordinary general meeting of HLB Life Science shareholders.
On July 10, HLB Life Science announced that the merger proposal was approved through a vote held at the extraordinary general meeting at Ramada Dongtan Hotel in Hwaseong, Gyeonggi Province.
Shareholders holding 34% of the total common shares participated in the vote. Of these, more than 97% voted in favor of the merger proposal.
HLB Life Science will proceed with the stock purchase right period until July 30, and complete the merger on the scheduled date of September 1.
Through the merger, HLB Group will integrate the new drug development and healthcare businesses of HLB and HLB Life Science, thereby not only gaining financial advantages but also enhancing management efficiency. The anticancer substance development capabilities centered at the Dongtan New Drug Research Institute will be combined with HLB, improving research and development (R&D) efficiency. Additionally, the rights and revenue interests for Rivoceranib, which were previously distributed between HLB and HLB Life Science, will be unified. The group also expects a significant improvement in commercialization drive and profitability. This strategic move is expected to enhance shareholder value and expand the group’s presence in global markets.
Nam Sangwoo, Executive Vice Chairman of HLB Group and CEO of HLB Life Science, stated, "With this merger, the group’s capabilities are now integrated, allowing us to secure even stronger competitiveness in the global new drug market. By unifying research and development, governance, and business structures, we will maximize corporate value and firmly establish the foundation for our leap forward as a global healthcare group."
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