- Title: South Korea Samsung BioLogics shares open below IPO price
- Date: 10th November 2016
- Summary: SEOUL, SOUTH KOREA (NOVEMBER 10, 2016) (REUTERS) ****WARNING CONTAINS FLASH PHOTOGRAPHY*** SAMSUNG BIOLOGICS KOREA COMPOSITE STOCK PRICE INDEX (KOSPI) LISTING TAKING PLACE IN KOREA EXCHANGE (KRX) LETTER READING (English): "CELEBRATING SAMSUNG BIOLOGICS KOSPI LISTING" CHIEF EXECUTIVE OFFICER OF SAMSUNG BIOLOGICS, KIM TAE-HAN (CENTRE), PRESIDENT AND CEO OF KOREA COMPOSITE STOCK PRICE INDEX (KOSPI) MARKET, LEE EUN-TAE (THIRD FROM RIGHT) AND PEOPLE COUNTING DOWN AND PRESSING BUTTON ELECTRONIC BOARD SHOWING STOCK PRICES AND STOCK PRICE OF SAMSUNG BIOLOGICS KIM (CENTRE), LEE (THIRD FROM RIGHT) AND PEOPLE SITTING KIM SITTING, SMILING AND NODDING ELECTRONIC BOARD SHOWING STOCK PRICES / LETTER ON ELECTRONIC SCREEN (CENTRE) READING (Korean): "LISTING CELEBRATION", "SAMSUNG BIOLOGICS CO LTD" LEE (LEFT) GIVING FRAMED LISTING CONTRACT TO KIM (RIGHT), SHAKING HANDS, AND POSING FOR PHOTOGRAPHS LEE AND KIM HOLDING FRAMED LISTING CONTRACT (SOUNDBITE) (Korean) PRESIDENT AND CHIEF EXECUTIVE OFFICER OF SAMSUNG BIOLOGICS, KIM TAE-HAN, SAYING: "I expect that profits gained from the market debut will largely contribute to achieving Samsung Biologics' goal to become a World Champion by 2020 in the field of Bio CMO (Contract Manufacturing Organization). From now on as a listed company, we will seek to increase corporate transparency." KIM AND PEOPLE CLAPPING, POSING FOR GROUP PHOTOGRAPHS
- Embargoed: 25th November 2016 03:25
- Keywords: South Korea Samsung BioLogics
- Location: SEOUL, INCHEON, SOUTH KOREA
- City: SEOUL, INCHEON, SOUTH KOREA
- Country: South Korea
- Topics: Life Sciences,Science
- Reuters ID: LVA00157V1TVX
- Aspect Ratio: 16:9
- Story Text: Shares in Samsung BioLogics Co Ltd, Samsung Group's contract biotech drug manufacturing arm, opened below their initial public offering price in their market debut on Thursday (November 10) morning.
The stock opened at 135,000 won per share, versus an IPO pricing of 136,000 won per share, and was trading flat as of 0020 GMT while the wider market was up 1.3 percent.
The listing was South Korea's second-largest, raising 2.25 trillion won ($1.97 billion) by pricing at the top of an indicative range.
The deal injected 1.5 trillion won in fresh capital to Samsung Group's biopharmaceuticals arms as South Korea's biggest conglomerate seeks new sources of revenue.
"I expect that profits gained from the market debut will largely contribute to achieving Samsung Biologics' goal to become a World Champion by 2020 in the field of Bio CMO (Contract Manufacturing Organization). From now on as a listed company, we will seek to increase corporate transparency," President and Chief Executive Officer, Kim Tae-han, said at the listing ceremony.
With the funds, BioLogics plans to become the world's biggest contract maker of biotech drugs, while also providing more capital to subsidiary Samsung Bioepis, which develops lower-cost copies of complex biotech drugs called "biosimilars".
BioLogics and Bioepis are central to Samsung Group's pharmaceuticals push, championed by de facto leader Jay Y. Lee.
- Copyright Holder: REUTERS
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