Biotech drug contract manufacturer Samsung BioLogics could pull in as much as $2 billion through an initial public offering, according to regulatory filings posted this week. The figures would position it as South Korea’s 3rd-largest IPO.
BioLogics, which is 47.8% owned by Samsung Electronics (LON:BC94), this week gave new information on the planned offering, which would value the company at up to $8.2 billion as it seeks regulatory clearance for a new cancer treatment.
Samsung BioLogics said it will offer 16.5 million shares priced between $102.50 and $123.17, setting the IPO up to bring in between $1.7 and $2 billion.
The offering of 25% of the company is expected to consist of a new share issue of 11 million shares and the sale of 5.5 million existing shares by Samsung Electronics.
Money raised in the offering will support funding an expansion of production capacity that could make Samsung BioLogics the world’s largest contract manufacturer of biotech medicines.
The offering will also help funnel resources to its unlisted unit Samsung Bioepis, which aims to beat rivals to market with its lower-cost copies of some of the world’s top-selling biotech drugs called biosimilars.
Material from Reuters was used in this report.