NH Investment & Securities and Citigroup Global Market Securities Korea are lead underwriters of the deal, and four more underwriters, including Morgan Stanley’s Seoul branch, are poised to participate.The fresh capital will also add fuel to research and development of its commercial and clinical-stage drugs to cure epilipsy, schizophrenia, attention deficit hyperactivity disorder and rare neurological diseases, in its bid to address unmet medical needs in the US. SK Holdings will hold 75 percent stake in SK Biopharmaceuticals after the IPO.
SK Group's big drug affiliate added it plans to sell 19.6 million ordinary shares to the equity market setting its "desired price" within 35,000 won and 49,000 won per share. After its market debut, SK Holdings will control 75 per cent stake. The IPO offering also marks the highest since the 1 trillion-won IPO deal by Celltrion Healthcare in 2017. SK Holdings declined to comment on the rumors of governance shift, but said that the SK Biopharmaceuticals‘ IPO was a hard-earned, due course of event. SK Biopharmaceuticals is looking to issue 13.3 million new shares and existing 6.3 million shares owned by parent SK Holdings up for fundraising via the IPO. It will be the largest IPO since mobile gaming company Netmarble’s Won2.7tn ($2.3bn) deal in May 2017.
SK Biopharmaceuticals plans to utilise the proceeds by next year.Cambodian students are returning from abroad in increasing numbers to government testing and quarantines that are awaiting them upon arrival.On Sunday, 143 Cambodians, including 43 students from Egypt, and 98 military trainees, a student and a citizen from Russia, made it back to Cambodia via Malaysia.SomeSeoul-based seizure treatment developer SK Biopharmaceuticals Co Ltd on Monday said it is planning what could be South Korea’s biggest initial public offering (IPO) in three years, with hopes to raise 959.34 billion won ($790 million) in fresh funds.Its market debut on South Korea’s main bourse Kospi would mark the largest fundraising attempt since Celltrion Healthcare Co Ltd’s listing in July 2017. The IPO will help it enhance its global expansion, it said, citing its US launch last month of Xcopri, a brand name of adult anti-epilepsy treatment cenobamate.SK Biopharmaceuticals CEO Cho Jeong-woo said cenobamate aims to pursue a 100 per cent removal of epilepsy patients’ seizures.SK Biopharmaceuticals logged a 71.5 billion won net loss and a 79.3 billion won operating loss last year.Unlike solriamfetol, cenobamate will be sold directly in the US through the firm’s own sales network led by Sebby Borriello, chief commercial officer of US subsidiary SK Life Science Inc, to maximise its profits.The company added cenobamate to its sales line-up that mainly comprised sleep disorder drug solriamfetol, known with its brand name Sunosi.Pharmaceutical contract research service provider DreamCIS Inc went public last month, while stem cell therapy firm SCM LifeScience Co Ltd and screen inspection kit maker LeadingEdge Technology Co Ltd have wrapped up their IPOs for June listing.
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