Altheogen's meeting with shareholders is one week away, but CEO Park Soon-jae said he would not attend it, raising questions.

"We would like to announce that our meeting with shareholders scheduled for Nov. 8 has been changed to be led by the vice president for investor relations due to the schedule of the CEO," Altheogen said on the company's website on Wednesday.

The company had rescheduled the meeting on Oct. 25, thinking it is appropriate for the CEO to explain the recent issues to our shareholders in person, but will have to miss the meeting due to an urgent schedule, Altheogen explained.

"While it is very important to communicate with shareholders, we believe it is more important to finish a pending issue facing the company," it said.

Instead of further postponing the meeting, which has already been rescheduled once, the meeting will be hosted by the company’s vice president, and the company will make an occasion where the CEO speaks as soon as possible, it added.

Alteogen will hold the meeting for shareholders at 3 p.m. next Wednesday in the seminar room on the first floor of Korea Investment & Securities in Yeouido, Seoul. Applications for attendance have been closed on a first-come, first-served basis.

Alteogen has been the target of speculation lately, with many speculating that its founder, CEO Park, may sell the company to its technology transfer partner, MSD of the U.S. However, the company has remained tight-lipped on the matter.

Last month, Alteogen attended the World Pharmaceutical and Bio Exhibition (CPHI Worldwide 2023) in Barcelona, Spain, to explore technology transfer opportunities for its hyaluronidase product ALT-BB4 (Tergase) and its subsidiary Altos Biologics' Eylea biosimilar, ALT-L9.

"It is difficult to answer what caused CEO Park not to attend the meeting. It is because he has some other schedule, as announced," an Alteogen official said. "There is no problem with his health, though."