A governance dispute at Hanmi Pharmaceutical has reignited after cracks emerged in a “four-party alliance” formed in the name of stabilizing control of the group. The market is watching the company’s regular shareholders meeting expected later this month as a potential turning point for Hanmi’s governance, with a likely vote battle over whether CEO Park Jae-hyun will be reappointed and how the board will be reshaped.
According to the industry on the 7th, the Hanmi Pharmaceutical Group ended a family management-control dispute that had continued from 2024 after Chairwoman Song Young-sook, Hanmi Pharmaceutical Group Vice Chairwoman Lim Ju-hyun, Hanyang Precision Chairman Shin Dong-kuk and private equity firm La Defense Partners joined forces to form the four-party alliance.
Centered on Hanmi Science (41.42% stake), the alliance secured a majority of voting rights at Hanmi Pharmaceutical and launched a professional management system. Hanmi Pharmaceutical posted strong results last year, with revenue of 1.5475 trillion won and operating profit of 257.7 billion won, appearing to move into a more stable phase.
Tensions surfaced late last year as Shin pressed what the article described as management interference. Shin increased his stake in Hanmi Science to as much as 30% and opposed Park’s reappointment, calling Hanmi Pharmaceutical “a corrupt organization.” Song, however, publicly backed Park, saying, “Major shareholders should not directly intervene in management and should only present a sound direction.” With the alliance’s shareholder agreement on joint voting effectively neutralized, the lines of confrontation have sharpened ahead of the meeting.
Attention is focused on the Hanmi Pharmaceutical shareholders meeting expected this month, where Park’s reappointment and a board overhaul are key agenda items. Shin has continued buying shares, raising his overall stake to 29.83%. Song’s side has secured 25.58% of voting rights, including shares held by the Im Seong-gi Foundation. The National Pension Service (6.64% stake) and retail shareholders, who account for about 30%, are also expected to be pivotal.
At the center of the dispute is whether to keep the professional management system. Song has stressed governance stability, saying, “Founder Chairman Im Seong-gi also trusted professional managers,” while Shin has countered by pointing to “insufficient internal controls.”
If Park wins reappointment, the current board is expected to remain and the professional management system would likely be reinforced. If the proposal fails, directors aligned with Shin could enter the boardroom, and the dispute could drag on.
An industry official warned that despite pipeline progress in areas such as obesity and diabetes, management uncertainty could weigh on the stock price and hinder technology transfers, adding that governance risk could hurt global partnerships. The official said the meeting will be watched as either a turning point for Hanmi’s future or the start of a “third round” of the dispute.
According to the industry on the 7th, the Hanmi Pharmaceutical Group ended a family management-control dispute that had continued from 2024 after Chairwoman Song Young-sook, Hanmi Pharmaceutical Group Vice Chairwoman Lim Ju-hyun, Hanyang Precision Chairman Shin Dong-kuk and private equity firm La Defense Partners joined forces to form the four-party alliance.
Centered on Hanmi Science (41.42% stake), the alliance secured a majority of voting rights at Hanmi Pharmaceutical and launched a professional management system. Hanmi Pharmaceutical posted strong results last year, with revenue of 1.5475 trillion won and operating profit of 257.7 billion won, appearing to move into a more stable phase.
Tensions surfaced late last year as Shin pressed what the article described as management interference. Shin increased his stake in Hanmi Science to as much as 30% and opposed Park’s reappointment, calling Hanmi Pharmaceutical “a corrupt organization.” Song, however, publicly backed Park, saying, “Major shareholders should not directly intervene in management and should only present a sound direction.” With the alliance’s shareholder agreement on joint voting effectively neutralized, the lines of confrontation have sharpened ahead of the meeting.
Attention is focused on the Hanmi Pharmaceutical shareholders meeting expected this month, where Park’s reappointment and a board overhaul are key agenda items. Shin has continued buying shares, raising his overall stake to 29.83%. Song’s side has secured 25.58% of voting rights, including shares held by the Im Seong-gi Foundation. The National Pension Service (6.64% stake) and retail shareholders, who account for about 30%, are also expected to be pivotal.
At the center of the dispute is whether to keep the professional management system. Song has stressed governance stability, saying, “Founder Chairman Im Seong-gi also trusted professional managers,” while Shin has countered by pointing to “insufficient internal controls.”
If Park wins reappointment, the current board is expected to remain and the professional management system would likely be reinforced. If the proposal fails, directors aligned with Shin could enter the boardroom, and the dispute could drag on.
An industry official warned that despite pipeline progress in areas such as obesity and diabetes, management uncertainty could weigh on the stock price and hinder technology transfers, adding that governance risk could hurt global partnerships. The official said the meeting will be watched as either a turning point for Hanmi’s future or the start of a “third round” of the dispute.
* This article has been translated by AI.
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