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HLB, “HLB USA and Elevar sign a merger contract”
by Jongwon Jang
Targeting for November 15th to be completed..securing Rivoceranib right and profits through its 100% subsidiary ‘HLB USA’
Aiming to complete the project by the 15th of next month, HLB has started the process of merging with U.S.-based developer Elevar Therapeutics (formerly LSK Biopharma).
HLB announced on Thursday (U.S. local time) that it signed a merger contract with HLB USA and Elevar.
In June, HLB USA, a wholly-owned subsidiary of HLB, took over all of Elevar’s shares and decided to have a triangular merger. As a merger price, HLB pays ordinary shares of HLB to the shareholders of Elevar.
The final deadline for the merger is set for November 15th. The company name will be maintained as Elevar as well.
When the merger is completed, HLB will own 100 percent of Elevar, securing Rivoceranib's patents, rights, and profits from commercialization in regions around the world except China. Currently, Riboceranib is preparing for a pre-NDA meeting with the FDA, the first step in the new drug approval process, after wrapping up their phase 3 global clinical trial for stomach cancer as the third line treatment.
Jin Yang-Gon, CEO of HLB, said “The merger contract between the two companies completes a long-standing big picture to make HLB the final beneficiary when the new anti-cancer drug Rivoceranib is commercialized.
Ahn Ki-Hong, vice president of HLB, who oversees the merger said, “Since we have finished all legal and administrative reviews, we will not be hindered in the process of the merger process. By holding worldwide copyright of Rivoceranib (except for China), HLB USA paves the way for HLB to become a global Big Pharma.”
Meanwhile, the merger will bring together Paul Chen, the head of the U.S. based Advenchen Labs, who is the original developer of Rivocernaib to join as HLB’s shareholder. Paul Chen holds 12.5% of Elevar through Advenchen Labs. In September, Dr. Paul Chen also participated as Elevar's in-house director.
