OsungcoTech's Largest Shareholder Changes to Founder’s Eldest Son

Inheritance Process of Founder Completed

Kim Sungyeon and Related Parties Hold 12.45% Stake

OsungcoTech, a new drug development company, announced on the 23rd that with the completion of the inheritance process for its late founder and former Chairman Kim Jeonggeun, his heir Kim Seong-Yeon and other specially related parties have become the company's largest shareholders. They now own a combined 12.45% stake, equivalent to 38,258,176 shares.

According to OsungcoTech, this change in the largest shareholder resulted from the finalization of the inheritance process following the passing of former Chairman Kim. The company stated that it plans to maintain its core management focus on new drug research and development (R&D), which has been central since its founding.

Kim Seong-Yeon commented, "I consider it most important to continue the value and legacy of new drug development that my father devoted his life to building. I will work together with all stakeholders so that the company can grow sustainably and that Korea's bioindustry can achieve greater global recognition."

An OsungcoTech representative explained, "This change in the largest shareholder signifies a continued commitment to the R&D-focused management that has defined the company since its inception. We will continue to pursue responsible management to enhance value for all shareholders and stakeholders."

Since 2018, OsungcoTech has out-licensed its lung cancer treatment Lazertinib to Yuhan Corporation and Johnson & Johnson, its Alzheimer's disease drug candidate Adel-Y01 to Sanofi last year, and its autoimmune disease drug candidate Sebidoplenib to Agios this year.

OsungcoTech plans to continue its R&D efforts based on next-generation pipelines such as the kidney fibrosis inhibitor development project (OCT-648) and the anti-resistant cancer drug (OCT-598).

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