Samsung will make its first entry into the U.S. stock markets with an anticipated $1 billion listing of its biotechnology affiliate, according to people familiar with the matter.
Sourced through Scoop.it from: www.wsj.com
Samsung will make its first entry into U.S. stock markets with an anticipated $1 billion listing of its biotechnology affiliate, according to people familiar with the matter, marking a major step in the South Korean conglomerate’s foray into a new industry outside its better-known electronics business. The listing of Samsung Bioepis Co. on the Nasdaq Stock Market would help it fund its heavy investment in research and development and production facilities to tap into the fast-emerging field of biosimilars. Biosimilars are biotechnology drugs analogous to generic drugs. Samsung Electronics Co., the smartphones-and-semiconductor giant that is the crown jewel of the Samsung conglomerate, holds 46% of Samsung BioLogics Co., which in turn owns 90% of Bioepis. Samsung Bioepis is devoted to developing generic versions of biotechnology drugs whose patents are expiring. The company has six products under development, and in 2013 agreed to develop and commercialize biosimilars with Merck & Co. Inc. and Biogen Idec Inc.