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Biz News Korea(Eng)
Samsung Bioepis to get new funds from parent company, won’t need Nasdaq IPO next year
- Collected
- 2016.11.24
- Distributed
- 2016.11.28
- Source
- Go Direct
이미지 확대Contract maker of biotech drugs Samsung BioLogics earned 2.25 trillion won ($2 billion) through IPO on Nov. 10, of which it would use 400 billion won to purchase new shares issued by Samsung Bioepis within the year and by June next year. This would be the Samsung BioLogics’ first spending of the IPO funds.
Samsung Bioepis reported in a regulatory filing on Tuesday it will issue 400 billion won worth new shares to its shareholders, giving them 3.46 new issues per 10 shares for 50,000 won apiece.
The two drugmakers had planned duo listing for the second half this year - Samsung BioLogics targeting the local bourse and Samsung Bioepis the Nasdaq. The IPO was delayed for the relatively-new biosimilar arm was put off due to volatility in the Nasdaq market.
“Since the rights offering is planned until June next year, the IPO could be put off to 2018,” said an official at Samsung Bioepis.
Samsung Bioepis needed to raise funds to repay debt and finance on-going biosimilar development.
Samsung Bioepis is developing six lower-cost copies whose reference products are Humira, Enbrel, Remicade, Lantus, Avastin and Herceptin. Five of these were already approved in Korea or in Europe. New drug applications have been filed elsewhere around the world.
At 1:10 p.m. shares of Samsung BioLogics were down 3.6 percent at 160,000 won.
By Kim Ki-chul
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