Syntekabio gears up for IPO this year
Korean new drug developer Syntekabio is preparing to go public, after receiving approval for a drug candidate from CJ Healthcare, according to industry sources on May 20.
The company has picked KB Securities as its IPO manager. Syntekabio is hoping to go public before the year-end but declined to explain plan details, saying nothing has been decided yet.
Established in 2009, the firm mainly focuses on developing technology for analyzing patients’ genome using big data and personal genome maps. Additionally, is trying to combine genome big data platform with artificial intelligence technology to utilize it for developing new drugs.
In March, Syntekabio received a pipeline for cancer treatment, which it was co-developing with CJ Healthcare. According to sources, securing it boosted its possibility of a successful IPO.
Syntekabio is expanding its business by cooperating with other local pharma giants including JW Pharmaceutical. Its sales last year reached 300 million won ($252,450) while posting 3 billion won in operating profit.
Currently, Syntekabio founder and CEO Jung Joong-sun is the largest shareholder with 25.48 percent stake.
By Song Seung-hyun (email@example.com)