SEOUL: Samsung BioLogics Co Ltd, a contract manufacturer of biotech drugs for global pharmaceutical firms, said its initial public offering is expected to raise as much as US$2bil in what is set to be South Korea's third-largest IPO. The listing is aimed at helping fund an ambitious expansion in production capacity to make it the world's largest contract manufacturer. The offering of 25% of the company is expected to consist of a new share issue of 11 million shares and the sale of 5.5 million existing shares by Samsung Electronics Co Ltd. With an indicative pricing range of 113,000 won-136,000 won per share, the offering is expected to raise 2.25 trillion won (US$2bil). BioLogics said 780 billion won of the proceeds will be used for factory investment, while another 400 billion won will be invested in biosimilar drug developer unit Samsung Bioepis. — Reuters

Source: The Star October 04, 2016 23:45 UTC