SEOUL -- Bio-venture unicorn GI Innovation is preparing for the company's debut in South Korea's stock market in March. The bio-venture said it will submit registration document to the Financial Services Commission and start the listing process in February.
The bio-venture unicorn has two main pipelines -- "GI-101," an immunotherapy agent, and "GI-301," an allergy treatment drug candidate. The company forged license agreements with Yuhan, a pharmaceutical and chemical company in South Korea, and Simcere Pharmaceutical Group, a major drug company in China. The total fee for both license agreements is about 2.3 trillion won ($1.8 billion).
GI Innovation said that a total of two million depository receipts will be offered between 16,000 won and 21,000 won. Through a book-building process on February 21 and 22, subscriptions will be received on February 27 and 28. The listing is scheduled for early March. NH Investment & Securities Co., Hana Securities Co., and Samsung Securities Co. will co-host the listing.
"We decided to list our company in order to establish a foundation that will support our research and development roadmap so that it is carried out stably without problems," GI Innovation CEO Rhee Byung-geon said in a statement on January 31. Rhee said that the bio-venture will use the funds for ongoing clinical trials for GI-101 and GI-301 and for the development of other pipelines such as "GI-102", "GI-108" and "GI-305," which are immunotherapy and allergy treatment agents.
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