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S. Korean Biotech company SillaJen to go public in December

Collected: 2016.09.14

Distributed: 2016.09.19

Source: Go Direct

SillaJen Inc., a privately-held biotherapeutics company based in South Korea, has embarked the process of an initial public offering in the country’s secondary Kosdaq market. It is expected to go public within this year.

According to sources on Tuesday, the company, currently valued at 1 trillion won ($897 million) in the over the counter market, submitted a preliminary prospectus for an IPO of its securities to the Korea Exchange on Monday. Given the fact that an IPO review generally takes about 45 days, the company is expected to submit a securities registration statement sometime in November and shares should be traded starting December.

The company is in talks with its lead underwriter NH Investment & Securities Co. on how many shares will be issued and the IPO price band. Market watchers expect the company’s market capitalization will double to 2 trillion won after the IPO. A company official said most of the IPO proceeds will be used to diversify its portfolio beyond liver cancer therapy toward renal and colorectal cancer treatments.

Founded in 2006, SillaJen has been focused on developing oncology drugs using an oncolytic virus. The company’s investigational cancer drug Pexa-Vec is under a phase III trial in liver cancer patients in the United States. If the endpoint is met, the company’s market capitalization is expected to top 3 trillion won. The company received an AA grade in earlier technology evaluation.

By Song Gwang-sup

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