Dong-A ST “Stelara Biosimilar, Apply for US and European Approval in First Half of Year”

Dong-A ST announced on the morning of the 28th that it is holding its 10th regular shareholder meeting in the auditorium on the 7th floor of its head office in Yongdu-dong, Dongdaemun-gu, Seoul, which was attended by shareholders and company executives.

Dong-A ST President Kim Min-young, chairman of the general shareholders’ meeting, said in his greeting, “There were many difficulties in the business environment last year due to global inflation such as rising raw material prices and steep increases in interest rates, but the company achieved growth in sales and operating profit.” “We have secured a global research and development base by incorporating ‘Neurobo Pharmaceuticals’ on the Nasdaq list as a subsidiary.”

“DMB-3115 (development code name), a biosimilar of Janssen’s autoimmune disease treatment ‘Stelara (ingredient: ustekinumab)’, a popular global product, will be released in the first half of this year based on excellent clinical trial results ,” Kim “Late last year, we secured candidates for immune anticancer drugs through a licensing agreement,” he said. with DMB-3115 in the future.” I will be reborn,” he added.

Photo = Donga ST

At the regular meeting of shareholders on this day, a total of four agenda items were proposed, including the approval of the 10th period financial statements (January to December 2022) and consolidated financial statements, partial changes to the articles of incorporation, appointment of directors, and the approval of the limit on directors’ remuneration, all of which were passed as original proposals.

In the 10th business report, Dong-A ST reported sales of KRW 635.8 billion and operating profit of KRW 30.5 billion based on separate financial statements in 2022, an increase of 7.7% and 97.0%, respectively, compared to the previous year. After that, the agenda for the approval of financial statements and consolidated financial statements, a cash dividend of 700 per common stock, and a stock dividend of 0.02 shares were proposed and passed.

Some changes to the Articles of Incorporation, which were supposed to review regulations such as the dividend base date, were also approved in order to comply with the plan to improve the dividend process in accordance with global standards. In order to increase shareholder value, after determining the amount of dividends, the base date for dividends was set to increase the predictability of dividends.

As an outside director, Kim Hak-joon, CEO of Yeouido Administrative Judicial Law Firm, was reappointed. Like other non-executive directors, Jeong Jae-hoon, CEO (vice president) of Dong-A Socio Holdings, a holding company, was newly appointed. The company said, “Vice President Jeong Jae-hoon intends to improve competitiveness by organically cooperating with subsidiaries and achieving synergy based on his insight and expertise in overall management.”

Meanwhile, Dong-A ST has established a majority of outside directors as its board of directors, which is the internal decision-making body, to ensure transparency in its governance structure and enhance shareholder value. In addition, the Appraisal and Compensation Committee and the Audit Committee, which are sub-committees within the board of directors, are all made up of outside directors, and more than two-thirds of the director recommendation committee are outside are external directors.

A company official said, “We have been practicing Jeong-Do Management, the group’s management philosophy, by making active efforts to improve shareholder value such as share buybacks and stock dividends, and strengthening the environment, society, and governance (ESG) along with compliance management.” We will continue to strive to become a company that grows together with society.”


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