BlackRock takes 5% stake in S Korean biotech firm during FDA review

BlackRock has acquired a 5.01% stake in HLB, a South Korean biotech firm developing a liver cancer drug candidate, Rivoceranib.

HLB’s regulatory filing said BlackRock Fund Advisors bought 6,664,921 shares on the open market as of Feb. 24 for a simple investment purpose.

Industry sources say the US Food and Drug Administration (FDA) is reviewing Rivoceranib, with a decision expected on July 23.

BlackRock purchased a 5.07% stake in HLB in December 2020 before gradually selling all shares after 2021.

🧠 Food for thought

Implications, context, and why it matters.

The FDA decision ahead sits on top of a rough regulatory record.
The therapy has already drawn two complete response letters (CRLs) from the FDA since May 2024, and one cited deficiencies tied to an FDA inspection of the camrelizumab manufacturing facility 1.
Trial results beat sorafenib with a median overall survival of 23.8 months versus 15.2 months in the comparator arm 1.
The 2025 Barcelona Clinic Liver Cancer (BCLC) treatment strategy and the European Society for Medical Oncology (ESMO) 2025 guidelines list it as a first-line option, and China’s National Medical Products Administration (NMPA) approved the combination therapy in February 2023 2 3.
The FDA’s target action date lands on July 23, 2026, which pushes this into a longer timeline than some takes suggest 1.

BlackRock’s stake goes beyond one drug. It signals a shift for the roughly $14 trillion firm known for low-fee index funds 4.
BlackRock is moving into higher-fee businesses such as private markets. Private markets revenue rose to around $2.4 billion in the full year 2025, roughly double year on year 4.
A concentrated buy in a high-risk biotech can legitimize the company and pull in capital from more generalist investors.
Big investment houses now look to specialized sectors for gains that massive passive funds often miss.