OQP BioM Shareholder Alliance: Quest-pharma Tech's Takeover Bid for OQP BioM Faces Scrutiny Amid Accusations and Silence

OQP BioM Shareholder Alliance (represented by Jung-Woo Bae) has voiced criticism against Dr. Madiyalakan’s refusal to answer official inquiries from the Alliance and his unilateral claims to the media.

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ADBIOTECH logo (Image: ADBIOTECH Co., Ltd)

A takeover bid for the biotech firm OQP BioM by Quest-pharma Tech (QPT) and its leader, Dr. Madiyalakan, is facing a growing storm of controversy and questions regarding his sincerity. The core of the criticism stems from Dr. Madiyalakan’s refusal to answer official inquiries from the OQP BioM Shareholder Alliance, while simultaneously making unilateral claims to the media, a move the group denounces as deeply problematic.

The Core Criticism: "A Contradiction for the Man Responsible for Failure to Attempt a Takeover"

The OQP BioM Shareholder Alliance sent two public letters of inquiry to Dr. Madiyalakan on June 23 and 24. In these letters, the alliance clearly stated its position: the ultimate "cause" of OQP BioM's recent Phase 3 clinical trial failure lies with Dr. Madiyalakan, the drug's original developer.

According to the shareholder group, the trial’s failure resulted from a fundamental "flaw in the clinical protocol design." They argue that the protocol erroneously designated "Progression-Free Survival (PFS)" as the sole primary endpoint, ignoring the delayed effects characteristic of immunotherapies. The group points to the fact that the Data Safety Monitoring Board (DSMB) had recommended continued observation for "Overall Survival (OS)" as clear evidence of this design flaw.

The Alliance argues that for the very person responsible for this failure to not only refuse to accept responsibility but to then use the resulting situation to try and acquire OQP BioM for 15 billion KRW is an act that "defies common sense and business ethics."

In response, the OQP BioM Shareholder Alliance has publicly demanded that Dr. Madiyalakan provide clear answers to three key questions:

1. The source and substance of the 15 billion KRW acquisition fund.
2. A plan for a transparent governance structure, including the potential appointment of a representative from the minority shareholder alliance to the board.
3. A concrete financing roadmap for the additional up to 50 billion KRW required for CMC (Chemistry, Manufacturing, and Controls) and the completion of clinical trials.

Evasion and 'Media Ploy' Amplify Doubts

While remaining silent on these official questions, Dr. Madiyalakan has engaged in media interviews, making claims that the Shareholder Alliance has publicly refuted as "blatantly false."

First, the Alliance rejected QPT’s claim that it "was never consulted or notified" regarding OQP BioM's acquisition of ADBIOTECH. The group stated that a director personally appointed by QPT attended the board meeting where the M&A was approved and even exercised voting rights, calling QPT's denial an "irresponsible disavowal of a decision made by the company's highest governing body."

Second, the Alliance dismissed the claim that "Dr. Madiyalakan, the developer, was excluded from the clinical trial process" as a "self-contradiction." They pointed out that the trial was conducted according to the "completed Phase 3 protocol" that Dr. Madiyalakan himself designed, suggesting this claim is merely a "preemptive excuse to evade responsibility."

The Path to Restoring Trust: Transparency and a Verifiable Plan

The current actions of Dr. Madiyalakan and QPT do not resemble those of a savior coming to rescue a company in crisis. Instead, they give the impression of a party that is ignoring the company's owners—the shareholders—and attempting to manipulate public opinion with unverified information.

For the individual identified as most responsible for OQP BioM's major setback, to demand control of the company is a difficult position to defend. The lack of clarity surrounding the acquisition funds and the absence of a plan for future financing only deepens the anxiety.

If Dr. Madiyalakan is genuinely concerned about the future of OQP BioM, he must break this suspicious silence, and provide responsible, transparent answers to the shareholders’ questions. His response will determine whether this takeover proposal is a lifeline for OQP BioM, or a dangerous attempt that plunges the company into even greater chaos. The market and all of OQP BioM's shareholders are watching closely.

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