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HLB to merge with US anticancer drug company LSK BioPharma
HLB merged with LSK BioPharma, a US subsidiary that is developing anticancer drug Rivoceranib. The company decided a capital increase by allocation to third parties for HLB USA (HLB USA is a wholly-owned company of HLB). HLB USA received funds from the issuance of new shares and used them to acquire the remaining shares of LSK BioPharma. With this merger, HLB will be reevaluated as an anticancer drug development company. The company explained that it will pay shares and cash (10%, based on the recent valuation) to LSK BioPharma shareholders.
LSK BioPharma has been developing Rivoceranib and is poised to announce the result of the third phase of gastric cancer treatment. According to the industry, the merger decision was anomalous considering the rumors of the listing of LSK BioPharma on the NASDAQ. In particular, the return of chairman Jin Yang Gon reflects the company's willingness to complete the merger and take responsibility until the drug is approved for marketing. Chairman Jin said, “As this decision has cleared the corporate governance and confirmed the direction, we will also hasten the business restructuring to make HLB grow into a global bio company.”