Nasdaq listing under consideration for Samsung Bioepis

South Korea’s Samsung Group is considering taking its biotech affiliate Samsung Bioepis public in the USA, according to a report by the Korea Economic Daily.

This is interpreted as a move by the group to nurture the biotech business as the future growth engine after dominating the world market in semiconductors and mobile phones. According to investment banking sources quoted by the newspaper, Samsung Group plans to make the initial public offering of Samsung Bioepis in the Nasdaq market and will soon send out requests for proposal to major securities firms. It is likely for the IPO timing to be within the first half of next year.

Established in 2012 jointly with US biotech major Biogen (Nasdaq: BIIB), Samsung Bioepis is considered one of the two most technologically advanced firms in Korea with Celltrion. Its biosimilar drugs Enbrel (Etanercept) and Remicade (Infliximab) for rheumatoid arthritis will likely be sold in Europe and Korea starting next year. Its sales revenue by 2020 is expected to reach 850 billion won (around $760 million). Bioepis is likely to have a market value of at least 8 trillion won ($7.1 billion), the Korea Economic Daily suggested.