Samsung BioLogics applies for initial public offering

By Park Sae-jin Posted : August 12, 2016, 15:25 Updated : August 12, 2016, 15:25

[Yonhap News Photo]


Samsung BioLogics Co., a Samsung Group biosimilar arm, applied Friday for preliminary approval of its initial public offering, which is seen as one of South Korea's big three IPOs this year, stock authorities said.

Samsung Biologics is South Korea's largest contract manufacturer of biopharmaceutical products and the world's third-largest producer of biomedicines in terms of production capacity after Switzerland's Lonza Group and Germany's Boehringer Ingelheim Pharmaceuticals.

Once listed,  the market value of Samsung BioLogics would stand at about 10 trillion won (9.02 billion US dollars). It owns 91 percent of Samsung Bioepis which develops copies of biotech drugs called biosimilars.

Samsung Biologics, which posted 1.9 trillion won in net profits in 2015, is 51 percent owned by Samsung C&T Corp., the virtual holding company of the country's largest conglomerate, and 46.8 percent controlled by Samsung Electronics.

It would be one of South Korea's three largest IPOs this year, with Doosan Bobcat Inc., a construction equipment maker of the Doosan Group, and Netmarble Games Corp., a leading mobile game developer.

The Korea Exchange is required to inform Samsung BioLogics of the results of its review within 45 business days.

Aju News Lim Chang-won = cwlim34@ajunews.com
 
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