NEWS | Innovation for Life

SINGAPORE, July 14, 2022 – Major shareholders of Prestige Biopharma Group were actively defending their stock prices, while the local stock market has recently fluctuated and fallen sharply due to concerns over an economic slowdown.

According to the Data Analysis Retrieval and Transfer System by Korean Financial Supervisory Service on July 14, Octava Fund Limited, a major institutional shareholder, recently purchased KRW 1.3 billion of Prestige Biopharma stock and KRW 400 million of Prestige Biologics stock, amounting to a total of KRW 1.7 billion.

Chairman Lisa S. Park and Vice Chairman Michael J. Kim of Prestige Biopharma Group, the largest shareholders of the two companies, have also bought a total of KRW 7.5 billion worth of stock through Mason Partners, a joint investment company established by Chairman Park and Vice Chairman Kim. As a result, the investment that major shareholders have put in defending the stock price of Prestige Biopharma and Prestige Biologics amounts to nearly KRW 10 billion since EMA.

According to the company, Octava Fund has provided support in defending the stock price to show trust and confidence as a long-term investment partner. Previously, the major institutional shareholder had purchased KRW 6.9 billion stock in December 2021.

Meanwhile, Prestige BioPharma is focusing on preparing for the re-examination of Marketing Authorisation Application (MAA) for the company’s Herceptin® biosimilar HD201 that it requested European Medicines Agency (EMA) in May. The company decided to seek approval through re-examination by setting up with a global expert team, instead of choosing withdrawal and reapplication which will take more than a year. Prestige Biologics is strengthening its business with signing new contracts as a global CDMO utilizing its global-scale facilities and state-of-the-art patented technologies.