Chief Executive Kim Nam-gyu of La Defense Partners (hereinafter La Defense) has joined the board of Hanmi Science, the holding company of the Hanmi Pharmaceutical Group.
Hanmi Science held its annual general shareholders meeting on the 31st at Hanmi Group headquarters in Songpa-gu, Seoul, and passed all agenda items, including the appointment of Kim Nam-gyu as a new other nonexecutive director.
The Hanmi Science board has a total of 10 members. Executive Director Kim Sung-hoon, an inside director at Hanmi Science, left the board, and CEO Kim Nam-gyu newly joined.
Private equity firm La Defense formed a four-party alliance in Dec. 2024 during the Hanmi Pharmaceutical Group family's management control dispute with individual largest shareholder Shin Dong-kuk, chairman of Hanyang Precision Co., and the founder family's mother and daughter (Chairwoman Song Young-sook of Hanmi Group and Vice Chairman Im Joo-hyun). Special-purpose company (SPC) Killington holds 9.81% equity in Hanmi Science.
CEO Kim Jae-gyo of Hanmi Science (chair) said at the shareholders meeting, "We will strengthen the board's strategic decision-making capabilities by appointing a new director with expertise in investment and legal affairs."
CEO Kim Nam-gyu's entry to the board came after cracks within the four-party alliance surfaced. Last year, when Chairman Shin Dong-kuk issued exchangeable bonds (EB) using Hanmi Pharmaceutical equity as collateral, the mother and daughter filed a lawsuit, saying it was effectively no different from disposing of equity, and provisionally seized Shin's home and part of the equity.
Then, on the previous month, Shin signed an over-the-counter purchase agreement to buy Hanmi Science shares from the side of eldest son Im Jong-yoon, co-CEO of Beijing Hanmi Pharmaceutical, with whom the mother and daughter have been in conflict. Shin raised borrowing fund amounting to 213.7 billion won to expand equity, prompting various interpretations in some corners of the market. The four-party alliance's contract is known to expire in 2029.
CEO Kim also addressed shareholders' concerns about Hanmi Group's management control dispute and the drug price cut policy.
Kim said, "It is true that various stories are coming out in the media, but the Hanmi Pharmaceutical shareholders meeting is scheduled to be held soon," adding, "As a holding company, Hanmi Science submitted our views to the Hanmi Pharmaceutical board, and please understand that this reflects an agreement on governance."
He said, "Hanmi Group has a plan to focus on healthcare (cosmetics, health supplements, etc.) business areas that are less affected by drug price cuts under its 2030 quantum jump plan," adding, "Drug price cuts apply to generics, but we are considerably focused on new drug development and execute research and development (R&D) expense at the industry's top level. We are concentrating on obesity treatments and anticancer drugs, and strong results in these areas will lay the groundwork for entry into global pharmaceutical markets."
Meanwhile, the shareholders meeting also passed all agenda items including amendments to the articles of incorporation (meeting venue, number of directors and auditors, committee establishment, etc.), approval of the director remuneration limit, and approval of plans to hold and dispose of treasury shares.