SK's drug unit plans to go public early next year - source

NH Investment & Securities Co

25/11/2019 09:45

SEOUL, Nov 25 (Reuters) - A biopharmaceutical unit of South
Korea's SK Holdings  034730.KS  plans to go public early next
year, a person familiar with the matter told Reuters.
    Last week, the U.S. Food and Drug Administration gave SK
Biopharmaceutical approval for its treatment for partial-onset
seizures in adults. 
    SK Biopharmaceutical filed an IPO application on Oct. 25 and
the Korea Exchange is expected to take three months conducting
its review, the source said. 
    The company is expected to raise over 1 trillion won 
($847.9 million) from the IPO, making it the largest IPO since
mobile gaming company Netmarble’s 2.7 trillion won deal in May
2017, the Financial Times reported.
    A spokesman confirmed an IPO plan, but added its timing and
size has not been decided. 
    Citigroup  C.N  and NH Investment & Securities  005940.KS 
are managing the deal.          
    SK Holdings, the holding firm of South Korea's third-biggest
conglomerate, created SK Biopharmaceutical in 2011 when it spun
off its life science business.
    It widened its operating loss to 139 billion won last year,
from 98.9 billion won in 2017, according to its stock exchange
filing. 

($1 = 1,179.3300 won)

 (Reporting by Hyunjoo Jin and Heekyong Yang; Editing by Simon
Cameron-Moore)
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))