Polaris Group Boosts Growth with Full Acquisition of Genovior Biotech and New CEO Appointment
Polaris Group (TWSE:6550) has made a strategic move to acquire 100% of Genovior Biotech’s shares, expanding its product portfolio and venturing into the promising domain of peptide drugs. Dr. Steve Hsu, Chairman of Genovior Biotech, is now appointed as the CEO of Polaris Group, bringing over 30 years of pharmaceutical industry expertise to the helm.
Dr. Hsu, a Ph.D. holder in Chemical Engineering from MIT, is renowned for his organic chemistry synthesis proficiency, particularly in developing peptide drugs with over thirty amino acids. Genovior Biotech’s success in creating the sought-after “Semaglutide” for diabetes and weight management positions Polaris Group for large-scale production, expected to commence in the latter half of the upcoming year.
The acquisition, valued at over 2 billion NT dollars (approximately USD 70 million), not only provides access to Genovior Biotech’s peptide product line but also brings on board a skilled workforce of over 160 professionals in Taiwan. Dr. Hsu’s leadership and the existing facilities align closely with Polaris Group’s capabilities, allowing swift expansion of production capacity.
Polaris Group is advancing in the pharmaceutical landscape with its novel anti-cancer drug ADI-PEG 20, with a Biologics License Application (BLA) Rolling Submission submitted to the U.S. FDA in November. Commercialization efforts are underway, and three Phase III clinical trials for glioblastoma (GBM), leiomyosarcoma (LMS), and hepatocellular carcinoma (HCC) show promising prospects for revenue through licensing deals or sales.
The synergy between Polaris Group and Genovior Biotech is set to enhance competitiveness and elevate company value. The integration of resources, coupled with Dr. Hsu’s leadership, positions Polaris Group for sustained growth and success in the dynamic pharmaceutical market.
