Polaris-KY, after acquiring Lin Yang Biotechnology, now holds the development technology for Glucagon-like Peptide-1 (GLP-1), commonly known as the "slimming injection." This drug is regarded as one of the top-selling products in the pharmaceutical industry both historically and in the next decade. Polaris-KY has stated that it has already engaged in discussions with heavyweight pharmaceutical companies in Southeast Asia and is actively exploring the market.
Polaris-KY sees a promising future for GLP-1. At the end of last year, it announced a NT$2 billion acquisition of Genovior Biotech Co. and appointed the former chairman of Genovior Biotech Co., Steve J.P. Hsu, as the CEO of the Polaris-KY Group. Steve J.P. Hsu stated that Genovior Biotech Co. had already synthesized GLP-1, but due to limited funds, it was unable to invest on a large scale for mass production. With the support of Polaris-KY Group's resources, they will spare no effort to seize this once-in-a-century opportunity. Currently, they are in the process of procuring production equipment and setting up production lines, planning to commence mass production by the end of the year.
Polaris-KY is also actively expanding into the Southeast Asian market. Facilitated by DBS Bank, discussions with heavyweight pharmaceutical companies and investors in Southeast Asia have shown willingness for cooperation. Polaris-KY will adopt a strategy of cooperation with local companies in various countries, even joint ventures, to expedite market expansion.
Polaris-KY Chairman Hong-wen Chen pointed out that the acquisition of Genovior Biotech Co. is a good thing. Polaris-KY now has a new team and new production capacity, establishing a second growth engine. Under the leadership of Steve J.P. Hsu, the teams from both sides have fully integrated, and they are very grateful to everyone who facilitated this successful merger and acquisition.
Polaris-KY currently holds over 90% of Genovior Biotech Co.'s shares. Recently, the company issued a significant announcement, stating that it was requested to pay $9 million to "IIH Strategic GP, Inc.," a company registered in the British Virgin Islands. Chang-hui Dai, a former independent director of Polaris-KY, is the manager of IIH. Regarding this, Hong-wen Chen pointed out that there may be significant discrepancies in understanding between the two parties. Polaris-KY has engaged professional lawyers to handle this matter according to the law and will submit objections in the near future to safeguard the rights and interests of all shareholders.
As for the recent significant fluctuations in stock prices and whether there was any involvement of illegal elements, Polaris-KY stated that the company will seek assistance from relevant authorities according to the law. This incident has no impact on the merger and acquisition, and there have been no financial impacts. The company continues to actively pursue its growth strategy with dual engines.
