South Korea’s Samsung group will make its first foray into the US stock markets through a Nasdaq listing of a biotechnology affiliate, the Wall Street Journal reported.
The group plans to list Samsung Bioepis in the US to raise money for research and development and production facilities to tap into the nascent and fast-growing field of biosimilars, the report said.
Citigroup and Goldman Sachs are said to have been hired to arrange Samsung Bioepis’ share sale.
Samsung Bioepis is charged with developing generic versions of biotechnology drugs whose patents are expiring. The company is said to have six products under development.
Samsung Electronics holds 46 percent of Samsung BioLogics, which in turn owns 90 percent of Bioepis, according to the report.
Samsung hasn’t said how much money it will seek to raise from the Bioepis listing or when the deal will take place.
But analysts believe the deal will be worth more than US$1 billion, the report said.
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