SEOUL, South Korea, Jan. 7, 2025 /PRNewswire/ -- Hankook & Company Group (Chairman Cho Hyun-Bum) announced on January 6 that it has completed the acquisition of Hanon Systems, the world's second-largest automotive thermal management solutions provider.
This marks a decade since Hankook & Company Group became a shareholder of Hanon Systems, acquiring a 19.4% stake in 2014. On December 22, 2024, the Group acquired 144,962,552 new shares through Hanon Systems' rights offering, followed by the purchase of 122,774,000 shares held by Hahn & Company on January 3, 2025. As a result, the Group became the majority shareholder with a 54.77% ownership stake.
According to this, Hanon Systems officially became a subsidiary of Hankook & Company Group under Korean corporate law. This acquisition brings the Group's global assets to approximately KRW 27 trillion, placing it among Korea's top 30 corporations based on net assets.
"Tires, Batteries, Thermal Management": Core Portfolios Realized
Hanon Systems, founded as Halla Climate Control in 1986, has grown into a leading global supplier of automotive thermal and energy management solutions. After changing its name to Halla Visteon Climate Control in 2013, it was rebranded as Hanon Systems in 2015 when Hankook Tire & Technology and Hahn & Company became its primary shareholders.
With this acquisition, Hankook & Company Group has strengthened its position as a comprehensive automotive parts company. Over the past decade, the Group has developed a deep understanding of Hanon Systems and thoroughly evaluated synergies among its core portfolios of tires, batteries and thermal management, culminating in the acquisition of the world's second-largest thermal management provider.
Hanon Systems is recognized for its cutting-edge technology in thermal energy management systems, essential for electric vehicle (EV) battery performance. The Group's acquisition of Hanon Systems confirms its place as a high-tech leader in the automotive sector. Thermal management systems are critical for enhancing the energy efficiency and safety of engines, batteries, and electronic components.
A Hankook & Company Group representative stated, "This landmark deal completes our core mobility portfolio of tires, batteries, and thermal management, positioning us as a global high-tech leader."
Maximizing Synergy and Strengthening Financial Structure
Hankook & Company Group aims to maximize synergies through resource and technology integration. The Group plans to leverage its global sales network and consolidate supply chain management (SCM) capabilities, including raw material procurement.
The Group will also enhance operational efficiency through streamlined IT infrastructure and workflows while fostering a unified corporate culture based on its hallmark "Proactive Culture." This strategic focus on integration will drive seamless collaboration across the organization.
The Group previously stated, "This acquisition will enable Hanon Systems' technological capabilities and resources to deliver even greater impact. With decades of accumulated expertise and assets across all affiliates, we are positioned to lead the future mobility era and achieve unparalleled growth."
Soo Il Lee Appointed as CEO of Hanon Systems
On January 3, Hanon Systems held an extraordinary general meeting at its headquarters in Daejeon, South Korea, appointing Soo Il Lee, Vice Chairman of Hankook Tire, as its new CEO.
With a 37-year career at Hankook Tire, Mr. Lee is seen as the ideal leader to integrate Hankook & Company Group's successful DNA into Hanon Systems. Joining Hankook Tire in 1987, he held various executive positions such as Head of Marketing, Americas Regional Director, China Regional Director, and Business Operations Director. He served as President & CEO from 2018 and as Vice Chairman from 2024.
A Hankook & Company Group representative commented, "Soo Il Lee, the newly appointed CEO of Hanon Systems, will play a crucial role in ensuring a stable integration, improving financial performance, and driving synergy creation despite uncertain external and internal conditions. Our focus will be on strengthening internal capabilities, achieving a seamless cultural and operational alignment, and realizing Hanon Systems' full potential as the world's second-largest company in its field."
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Hankook & Company Group Completes Acquisition of Hanon Systems
YANTAI, China, Jan. 8, 2025 /PRNewswire/ -- On Janurary 7th, 2025, Annals of Oncology (IF: 56.7), a top oncology journal globally, published remarkable long-term follow-up results of a phase 1b/2 clinical trial on Disitamab Vedotin (DV) (developed by Remegen Co., Ltd) combined with Toripalimab in treating locally advanced or metastatic urothelial carcinoma (la/mUC) (NCT04264936, study ID: RC48-C014). This trial was supervised by Professor Jun Guo and Professor Xi'nan Sheng's teams from Peking University Cancer Hospital.
It is the first time that long-term follow-up data has been released for a HER2-targeted antibody-drug conjugate (ADC) and PD-1 inhibitor combination therapy in treating la/mUC, marking it a significant milestone. The nearly-three-year follow-up data revealed an objective response rate (ORR) of 73.2% and median overall survival (OS) of 33.1 months, superior to data published from any other prospective clinical studies on ADC plus PD-1 combination therapies for la/mUC.
New Treatment Options for Patients with La/mUC
UC is the sixth most common cancer worldwide. GLOBOCAN 2022 estimated the year 2021 saw 614,298 new cases and 220,596 deaths of UC. In recent years, the prognosis for patients with la/mUC has significantly improved with new drugs and combination therapies approved, among which ADCs demonstrated outstanding potential.
As a HER2-targeted ADC, DV has been approved in China for patients with HER2-overexpressing (defined as immunohistochemistry [IHC] test results of 2+ or 3+) la/mUC previously treated with platinum-containing chemotherapy. The approval is based on the pooled results of two studies (NCT03507166 and NCT03809013, study IDs: RC48-C005 and RC48-C009) where the ORR registered 50.5% and the median duration of response (DOR) registered 7.3 months.
Multiple clinical studies on la/mUCin recent years have confirmed the synergistic antitumor effects of ADC combined with immunotherapy. NCT04264936 offered stronger evidence as its long-term follow-up results published in the Annals of Oncology demonstrated the high response rate, significant survival benefits, and manageable safety profile of the DV and Toripalimab combination therapy.
DV Combined with Toripalimab: High Response Rate and Prolonged Survival
NCT04264936 is an open-label, multicenter, investigator-initiated phase 1b/2 clinical trial investigating the safety and efficacy of DV in combination with Toripalimab for the treatment of patients with HER2-expressing la/mUC. The dose-escalation study (phase 1b) assessed two dose levels of DV (1.5 and 2.0 mg/kg) combined with Toripalimab (3.0 mg/kg) to determine the recommended phase 2 dose which was then evaluated in the dose-expansion stage (phase 2).
From August 2020 to December 2021, 41 patients were enrolled with a median age of 66 years. 53.7% of the participants were male, 70.7% had an ECOG performance status score of 1, 17 (41.5%) had lung metastasis, and 10 (24.4%) had liver metastasis.
As of March 1, 2024, among all participants, the ORR was 73.2% with 4 (9.8%) achieving complete response and 26 (63.4%) achieving partial response, the DCR was 90.2%, the median progression-free survival (PFS) was 9.3 months, the median DOR was 8.6 months, the median OS was 33.1 months and the 36-month OS rate was 49.2%.
Subgroup analysis revealed ORR benefits across all subgroups regardless of the number of prior lines of systemic treatments, HER2 expression (IHC 1+/2+/3+), and PD-L1 expression status. The ORRs for chemotherapy-naïve patients and those who progressed on platinum-based chemotherapy were 76.0% (19/25) and 68.8% (11/16), respectively. The ORRs for patients with HER2 IHC 3+, 2+, 1+, or 0 were 80.0%, 84.2%, 64.3%, and 33.3%, respectively. Compared with the three HER2 IHC 0 participants (one of whom achieved partial response), those with HER2 expression (IHC 1+/2+/3+) had a higher ORR (76.3% vs 33.3%) and longer PFS (median PFS: 9.3 vs 1.7 months).
In summary, the DV and Toripalimab combination therapy has preliminarily demonstrated promising efficacy and manageable safety profile among patients with la/mUC, wherein those with HER2 expression (IHC 1+/2+/3+) achieved high response rates and long-term survival benefits. These findings support the further exploration and validation of the benefits of DV combined with PD-1 inhibitors in treating la/mUC.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Published in Annals of Oncology: Disitamab Vedotin Combined with PD-1 Inhibitor is a Promising Treatment for Locally Advanced or Metastatic Urothelial Carcinoma
