Epoke, a company in which HLB Group Chairman Jin Yang-gon holds a 99% stake, purchased additional shares of HLB Innovation and HLB Therapeutics.
Both companies are awaiting the release of clinical results for their respective drug candidates.
How should this purchase be viewed separately from HLB’s separate collateral-backed loan?
3-Line Summary
1. Epoke purchased shares in two affiliates
2. The acquisition amount is 38억6511만원 according to the disclosure
3. Clinical results are not confirmed until they are announced
On-Market Purchases from September 23 to October 1
Epoke made four on-market purchases of 21만8718 shares of HLB Innovation from September 23 to October 1. Its holdings increased from 7만5694 shares to 29만4412 shares.
It also purchased 13만584 shares of HLB Therapeutics in three transactions. Its holdings increased from 4만1688 shares to 17만2272 shares. Newdaily reported that the funds used to acquire shares in the two companies totaled 38억6511만원, and said that the acquisition funds listed in the disclosure were Epoke’s cash on hand.
HLB Group explained that the purchases demonstrate confidence in its ongoing new-drug business, follow-on pipelines, and the medium- to long-term growth potential of each affiliate. This is the group’s interpretation, and the purchase itself does not have the same meaning as business performance.
HLB’s 120억원 Borrowing Is a Separate Transaction
The information disclosed on the same day also included an agreement under which HLB borrowed 120억원 from IBK Capital and DB Capital, using 120만 shares of HLB Innovation held by HLB as collateral. The contractual interest rate is 7.5% per year, and the term runs from September 9, 2026, to September 9, 2027.
However, Epoke’s share purchases and this collateral-backed loan involve different transaction parties and funds. Epoke’s purchase funds were listed as cash on hand, while HLB is the borrowing party. The disclosure does not specify the exact use of the 120억원. No basis has been confirmed for directly linking the two transactions.
Keratitis in November, CAR-T Results Expected in December
HLB Therapeutics is conducting SEER-2, a global Phase 3 clinical trial of RGN-259, a drug candidate for neurotrophic keratitis, and plans to announce topline results in November.
HLB Innovation’s U.S. subsidiary, Verismo Therapeutics, is developing a CAR-T therapy. Interim Phase 1 results from SynKIR-310 in relapsed or refractory B-cell lymphoma are scheduled to be disclosed at the American Society of Hematology meeting in December. Because both are announcement plans, the clinical results or business performance cannot be considered confirmed until they are actually disclosed.
The clearest change in this matter is that Epoke increased its stakes in two affiliates. The clinical schedules and the separate borrowing transaction need to be examined as distinct announcements.
References
Tags #JinYang-gon #HLB #Epoke #HLBInnovation #HLBTherapeutics #AffiliateStake #SharePurchase #RGN259 #SEER2 #VerismoTherapeutics #SynKIR310 #CAR_TTherapy #NeurotrophicKeratitis