HLB Life Science announced on the 10th that its merger plan with HLB has been approved at an extraordinary shareholders' meeting. The merger is expected to be completed on September 1.
The company disclosed that the merger agreement was approved during the extraordinary shareholders' meeting held that day at the Ramada Dongtan Hotel in Hwaseong, Gyeonggi Province. 34% of the total issued common shares participated in the vote, and over 97% of those expressed their support for the merger.
Through this merger, HLB Group expects to integrate HLB and HLB Life Science's new drug development and healthcare businesses, which will enhance not only financial benefits but also management efficiency. The development capabilities for anti-cancer substances centered in Dongtan's new drug research center will combine with HLB, improving research and development efficiency, and the rights and revenues of ribociclib, which were previously scattered among different divisions of HLB, will be consolidated, accelerating commercialization and improving profitability.
Nam Sang-woo, vice chairman of HLB Group and CEO of HLB Life Science, said, “With the integration of the group's capabilities, we have secured a more robust competitiveness in the global new drug market,” and noted, “We will maximize corporate value through the unification of research and development, governance, and business structures.”