[Alpha Biz=(Chicago) Reporter Paul Lee] HLB Life Sciences acquired a stake in HLB to enhance corporate value.

HLB Life Sciences announced on the 22nd that it has acquired 237,100 shares of HLB held by its subsidiary HLB Cell. The financial resources utilized HLB Pharmaceutical Convertible Bonds (CB) held by HLB Life Sciences.

It acquired an additional stake in HLB held by HLB Cells after selling off-the-counter some of HLB Pharmaceutical's CBs, which are about to expire. In order to strengthen its governance structure, the remaining CB has been converted to 747,495 shares, expanding its stake in HLB Pharmaceutical to 14.6%. It is to stabilize the management rights.

The market capitalization of HLB is 4.4629 trillion won based on the closing price on the 22nd. HLB Life Science expects HLB to greatly increase its corporate value if it receives approval for a new drug when it completed a new drug application (NDA) of Rivoceranib as a treatment for liver cancer to the U.S. Food and Drug Administration (FDA) on the 16th. 

 

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