Samsung Biologics’ stock leaps after successful IPO
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...
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