Official statement of the Supervisory Board of JSC Galychpharm regarding raider interference in the company's activities

On July 30, 2025, the Commercial Court of Lviv Region decided to remove the executive management and executive director of JSC Galychpharm from the exercise of their powers, assigning the responsibilities for managing the enterprise to the arbitration manager.

This decision is another procedural step within the framework of groundless bankruptcy proceedings initiated by IC Sky-Development LLC, which recently bought out the alleged debt obligations of JSC Galychpharm, none of which has been confirmed by a court decision that has entered into legal force. Therefore, just as the very opening of this bankruptcy proceedings of the enterprise, all subsequent actions within it are obviously groundless and illegal.

There was no legal basis for opening this bankruptcy case, so all subsequent procedural actions arising from it - including the decision to remove the executive management - are illegal and look like a raider attack on the enterprise, where the raiders are helped by the court of first instance, making knowingly illegal decisions.

The Supervisory Board of JSC Galychpharm declares its categorical disagreement with the decision of the Commercial Court of Lviv Region, which removed the executive management company from performing its duties and transferred management functions to the arbitration manager.

According to Article 40 of the Code of Ukraine on Bankruptcy Procedures, the court may remove the executive body in the event of proven facts of obstruction of the arbitration manager, improper preservation of the debtor's property, or violation of the rights of creditors or the debtor. However, none of these violations was committed by the management of JSC Galychpharm. On the contrary, during the entire time the arbitration manager was at the enterprise, he was provided with full access to information, accounting documents, objects of inspection and cooperation with the management. The enterprise acted openly and in good faith. No actions of the executive director or executive management prevented the work of the property manager, did not create threats to the property or interests of the debtor/creditors, and therefore there are no legal grounds for such a radical decision.

Transfer of management powers to an external person who is not an employee of the team, is not familiar with internal processes, production cycle, the specifics of the industry, although formally provided for by law, may threaten the further functioning of the enterprise, the efficiency and safety of its activities.

Such a decision may lead to disruptions in production, disruption of obligations to state and commercial counterparties, shortage of medicines in medical institutions, disruption of international contracts, loss of jobs and a decrease in trust in the enterprise.

The suspended executive management of JSC Galychpharm consists of professional and experienced managers with extensive experience in the pharmaceutical industry, who continue to perform their duties in accordance with the law. Their replacement in the status of an executive body has no professional or economic justification.

The supervisory board of JSC Galychpharm also states: there are no signs of bankruptcy in the company, which is confirmed by financial and operational stability, the absence of signs of critical financial difficulties and compliance with legislative requirements.

On the other hand, such court decisions create a danger of destabilizing the Ukrainian manufacturer with a transparent reputation, which honestly works in the market, pays taxes, supports the state and the Armed Forces of Ukraine, provides vital medicines to Ukrainian and foreign patients.

JSC Galychpharm is a Ukrainian company with over 100 years of history. We are conscientious taxpayers, reliable employers for over a thousand specialists, honest partners for dozens of companies in Ukraine and abroad.

The Supervisory Board and lawyers are already preparing an appeal and will defend justice. We are confident: truth and the law are on our side and justice will be restored.