BlackRock Raises Stake in HLB to Over 6%... Focus on New Drug Approval Momentum in Second Half

BlackRock, the world's largest asset management company, has increased its investment in HLB by acquiring additional shares. The company believes that this move reflects expectations for the upcoming new drug approval reviews and major research and development events scheduled for the second half of the year.

On June 9, HLB announced that BlackRock Fund Advisors, an affiliate of BlackRock, had acquired an additional 1,391,297 shares of the company, raising its stake to 6.05%.

This disclosure includes the combined holdings of funds and client accounts managed by 13 BlackRock affiliates, including BlackRock Fund Advisors, all of which operate as investment advisory firms.

BlackRock first disclosed its large-scale holdings in HLB in March, when it secured more than a 5% stake. About three months later, the firm has now made an additional purchase.

As a result of this increased stake, the gap between the largest shareholders and friendly parties, including Jin Yang-gon, Chairman of HLB Group, who hold a combined 9.19%, and BlackRock, has narrowed to about 3 percentage points. However, given that BlackRock is a global asset management firm focused mainly on index tracking, most observers interpret this move as an increase in investment weight rather than an intention to participate in management rights.

The company stated that BlackRock's additional purchase reflects the market's confidence in HLB's business competitiveness and growth potential.

HLB is preparing for key events related to its core new drug pipelines in the second half of the year. In July, the U.S. Food and Drug Administration (FDA) is expected to decide on the approval of the combination therapy of rivoceranib and camrelizumab for first-line treatment of liver cancer. In September, the FDA is scheduled to review the approval of lirafugratinib, a candidate for the treatment of cholangiocarcinoma.

The market sees both of these pipelines as critical variables for determining whether the products will progress to the commercialization stage. Analysts note that, if approval is granted, HLB's corporate value and growth potential could be reassessed.

Affiliates are also set to announce research and development milestones. HLB Therapeutics is preparing to release the global Phase 3 (SEER-2) clinical trial results for its neurotrophic keratitis (NK) treatment candidate, RGN-259. HLB Innovation plans to release interim data from its Phase 1 clinical trial of a CAR-T therapy for hematological cancers.

An HLB representative said, "We believe BlackRock's increased stake reflects a positive evaluation of our core pipelines and medium-to-long-term growth strategies," adding, "Through the scheduled FDA reviews in the second half of the year and the announcement of R&D achievements by our affiliates, we aim to deliver tangible results that will enhance corporate value."

This content was produced with the assistance of AI translation services.