Seoul — Shares in Samsung’s drug-making unit soared almost 6% on their market debut Thursday, after one of South Korea’s biggest initial public offerings (IPOs), which raised nearly $2bn. Shares of Samsung Biologics, a contract manufacturer of biotech drugs for global pharmaceutical firms, soared 5.88% to 144,000 won ($125) in Seoul, putting its total value at nearly 9.5-trillion won. The firm was set up by the South Korean conglomerate in 2011 as part of a multibillion-dollar drive to find new growth avenues including healthcare and green energy over the next decade. The highly anticipated IPO is the second-largest in South Korea’s history, raising 2.25-trillion won ($1.96bn), which the unit says will be used to expand production capacity and invest in research and development. The firm makes biopharmaceutical drugs for major firms including Bristol-Myers Squibb and Roche at plants near Seoul. Bio-drugs, unlike chemically synthesised drugs, are made of organic, live substances such...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.