Hanmi Pharm’s chair poised to win management feud with her son

Hanmi Pharmaceutical Group Chairman Song Young-sook is poised to claim victory in a year-long dispute with her eldest son Lim Jong-yoon to take control of the South Korean pharmaceutical giant.

Lim, director of Hanmi Science Co., has agreed to sell a 5% stake in the company to a four-way group led by her mother and her sister, Lim Ju Hyun, Hanmi Science said in a regulatory filing on Thursday.

The alliance already commands 49.42% of Hanmi Science, the holding company of Hanmi Pharmaceutical Co., as of Dec. 23.

After taking over Lim’s shares, the coalition will secure two thirds of votes, including those of friendly shareholders — enough to control its board of directors.

Under the agreement, Lim will sell his shares for 12.7 billion won ($8.7 million), or 37,000 won per share, to his mother Shin and private equity firm La Defense Partners.

By comparison, shares of Hanmi Science closed Thursday at 29,450 won.

Lim will use the proceeds to pay the inheritance taxes imposed after his father Lim Sung-ki died in 2020. Each side will drop lawsuits filed against each other.

Kim Namgyu, head of private equity firm La Defense, is known to have mediated the family dispute, according to industry sources.

La Defense holds a casting vote over the family feud.

Write to Jong-Kwan Park and Ji-Eun Ha at pjk@hankyung.com
Yeonhee Kim edited this article.