SK Biopharma to raise at least W5tr in IPO
South Korean drug firm SK Biopharmaceuticals is expected to raise at least 5 trillion won ($4.25 billion) through a planned share sale, analysts said Nov. 25.
The company said that XCOPRI has won approval from the US Food and Drug Administration for the treatment of partial-onset seizures in adults.
Following the FDA approval, SK Biopharmaceuticals will likely speed up its IPO, with its shares slated to be listed early next year, according to them.
SK Biopharmaceuticals, a biopharmaceutical unit of South Korean conglomerate SK Group, submitted a preliminary application for an initial public offering to the Korea Exchange late last month.
SK Securities estimated in a recent research note that the corporate value of SK Biopharmaceuticals, wholly owned by SK Holdings, would reach about 6.2 trillion won.
In an August report, Korea Investment & Securities expected the market capitalization of SK Biopharmaceuticals to range from 5 trillion won to 10 trillion won.
By Ram Garikipati and newswires (email@example.com)