The stock price of Oscotec, a corporation in the bio sector, showed a decline of about 6% in early trading on the 28th. This is interpreted as a consequence of Kim Jeong-geun's failure to be re-elected due to opposition from minority shareholders, resulting in his dismissal.
Oscotec shares were trading at 29,150 won on the KOSDAQ market as of 9:25 a.m. on that day, down 6.25% (1,950 won) compared to the previous trading day.
Earlier the previous day (27th), the motion for Kim's reappointment was rejected at the annual shareholders' meeting of Oscotec. Kim's term expires on this day. Meanwhile, Oscotec has been pushing for the listing of its subsidiary, Genosco, but minority shareholders have opposed this, calling it a "split listing." Genosco is the originator of "Lecosar" (ingredient name: lazertinib), which became the first domestic anticancer drug to receive approval from the U.S. Food and Drug Administration (FDA).
At the previous day's shareholders' meeting, shareholders also voted against Kim's reappointment motion with more than half casting dissenting votes, thwarting his re-election.
On the other hand, Genosco, a subsidiary of Oscotec, is the originator of "Lecosar" (ingredient name: lazertinib), which became the first domestic anticancer drug to receive approval from the U.S. Food and Drug Administration (FDA).
Meanwhile, analysts in the securities industry are forecasting that the management vacancy due to the leadership transition will be limited. Lee Hee-yong, a researcher from DAISHIN SECURITIES, noted, "Although Kim's reappointment motion was rejected, Yoon Tae-young, the co-CEO, is expected to independently take over management rights, and there will likely not be an official management vacancy. "