Oscotec(039200) said on the 23rd that, with the inheritance process for the late founder and former Chairman Kim Jeong-geun completed, the former chairman's eldest son, Genosco manager Kim Seong-yeon, and special related parties have become the company's largest shareholder (stake 12.45%, 38,258,176 shares).
The change in the largest shareholder stems from the inheritance, and Oscotec plans to consistently continue the long-term, research and development (R&D)-centered management it has maintained since its founding.
Manager Kim also holds about 13% equity in Oscotec's U.S. R&D subsidiary Genosco. Oscotec is the largest shareholder with 59.31% equity in Genosco. Manager Kim recently signed an advisory contract with private equity firm La Défense Partners and is also pushing to improve the company's governance structure.
Manager Kim said, "I consider it most important to carry on the value and legacy of new drug development that my father devoted his life to building," and added, "We will work with all stakeholders so the company can grow steadily and contribute to Korea's bio industry being recognized for greater value on the global stage."
An Oscotec official said, "This change in the largest shareholder means the company's R&D-centered management, maintained since its founding, will continue consistently," and explained, "We will continue responsible management to enhance the value of all shareholders and stakeholders."
Oscotec is the original developer of Yuhan's lung cancer treatment "Leclaza" (ingredient name Lazertinib). It has since continued research and development achievements by out-licensing the Alzheimer's disease drug candidate "Adel-Y01" to France's Sanofi and the autoimmune disease drug candidate "cesidotrenib" to U.S. biotech Agios.
The company plans to continue its growth based on the development of next-generation pipelines, including the renal fibrosis inhibitor candidate "OCT-648" and the anti-resistant anticancer drug candidate "OCT-598."