Samsung’s Bioepis considers Nasdaq IPO, seeks funding

(Reuters) – South Korean Samsung‘s (LON:BC94) Bioepis Co Ltd, a developer of generic versions of biotech drugs, said it was considering a Nasdaq IPO – a move that comes as it seeks about $1.3 billion for product development and as the Samsung Group makes a bigger push into biopharmaceuticals. Highlighting growth opportunities for its biopharmaceuticals business may be a tactic by the Samsung Group to win support for a planned merger of two affiliates that would strengthen control for its founding Lee family, analysts said. A proposed $8 billion takeover of construction firm Samsung C&T Corp by the conglomerate’s de facto holding company Cheil Industries Inc has drawn opposition from activist U.S. hedge fund Elliott. If the takeover went ahead, the merged entity would have a majority stake in Samsung Biologics which owns 90 percent of Samsung Bioepis – resulting in a clearer line of control. Currently, Cheil owns 46 percent while Samsung Electronics Co Ltd also owns 46 percent and C&T owns 6 percent. “This looks like an attempt by Samsung Group to back up its argument for the merger in regard to the growth opportunities for the biopharmaceuticals business,” said Chung Sun-sup, head of corporate analysis firm Chaebul.com. Bioepis is looking to raise an estimated 1.5 trillion won ($1.3 billion) for future product development, and is considering fundraising options, including an IPO on Nasdaq or elsewhere, a company spokeswoman said...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Biotech Business/Financial News Wall Street Beat Samsung Bioepis Co Ltd Samsung Electronics Co. Ltd. Source Type: news