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Biz News Korea(Eng)

Tissuegene IPO attracts $5.9 bn bids in retail placement

Collected: 2017.10.25

Distributed: 2017.10.26

Source: Go Direct

Tissuegene Inc., the U.S. subsidiary of South Korea’s Kolon Life Science Inc., has drawn 6.6 trillion won ($5.9 billion) bids from retail investors, brightening its prospects after it debuts on the Korea’s secondary Kosdaq market on Nov. 6.

Lead underwriter NH Investment & Securities Co. said on Tuesday that Tissuegene has attracted 6.6 trillion won in a public bid, recording an oversubscription rate of 299.53 times for 1.5 million issues available to retail investors.

The overwhelming demand comes amid high expectations for the company’s degenerative arthritis treatment Invossa that will be put into phase III clinical study in the U.S. next year and rising investors’ appetite for bio stocks.

Founded in 1999, the Maryland-based pharmaceutical company owns commercial rights to Invossa in the U.S. and Europe. Invossa is the world’s first cell and gene therapy that treats knee osteoarthritis through an intra-articular injection without the need of any surgical intervention. The firm received marketing approval for the drug in Korea in July, and aims to release it to the U.S. market by 2023.

Its initial public offering price is set at 27,000 won apiece, and its market capitalization is expected to reach 1.63 trillion won once the shares go listed on the Kosdaq market on Nov. 6.

By Song Gwang-sup and Choi Mira

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