SillaJen Faces Delisting Despite New Owner's Capital Injection
Shareholders Protest Exchange’s Decision
Oncolytic virus firm SillaJen, which hoped to get back on track and resume stock trading after it found a new owner last year, is set to be delisted from Korea’s Kosdaq market as the exchange makes a preliminary decision.
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Plus deals involving Takeda/Puma, SillaJen/Basilea, Celltrion/Abpro, METiS/Voronoi, Yuhan/AtoGen, Biocytogen/FineImmune and Avance/C3.
SillaJen selects another Korean firm as its new owner as trading in its stock continues to be suspended following the probe into its former CEO. But it remains to be seen whether the acquisition can catalyze a business breakthrough and speed up clinical development for the oncolytic immunotherapeutic firm.
Faced with the risk of losing their investment from a possible stock delisting amid prosecutors’ probes into company’s management, SillaJen’s individual minority shareholders are demanding the Korea Exchange resume trading of the biotech’s stock, in a rare united move.