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The Korea Herald
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THE INVESTOR
March 28, 2024

Bio

Samsung BioLogics denies receiving preferential treatment for listing

  • PUBLISHED :December 02, 2016 - 15:57
  • UPDATED :December 02, 2016 - 15:57
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[THE INVESTOR] Samsung Biologics, the biopharmaceutical unit of Samsung Group, said Dec. 2 that its recent public offering was “transparent and legitimate,” refuting speculation that the firm received special favors from the Korean bourse operator with eased listing rules.

“Samsung BioLogics went through listing procedures in accordance with established rules and principles,” the firm said on its website. 

Its entire business operations, including the share sale, comply with global standards and are transparent, it added. 




The move comes in response to local media reports on Nov. 28 that the Korea Exchange may had altered its stock market listing requirements in order to help the Samsung subsidiary raise funds by going public.

Without applying the changed rules, BioLogics couldn’t possibly have qualified for a debut on the benchmark KOSPI market as it has been posting operating losses for the past three consecutive years, reports said.

The company which produces biopharma products for established brands such as Bristol-Myers Squibb and Roche, raised 2.25 trillion won ($1.97 billion) in the country’s second-largest share sale and made a strong debut on Nov. 10.

In 2015, the Korea Exchange eased its rules to allow unprofitable but promising companies to go public.

“Although we considered a NASDAQ listing at first, we picked the KOSPI market as an IPO venue because of persistent persuasion by the Korea Exchange, the revised listing regulation as well as public expectations,” the firm said.

Last month, the Korea Exchange also denied the speculation.

“The listing of Samsung BioLogics was carried out as a part of KOSPI market’s bold and broader plan to attract more new listings, not at the firm’s request (to ease the regulations),” the bourse operator said in a press release on Nov. 29.

Despite the official explanation from the two related parties, BioLogics’ shares continued a five-day falling streak to lose over 10 percent.

“It is regrettable that BioLogics’ stock price has to suffer damages due to the untruthful reports,” the drug maker said.

By Park Han-na (hnpark@heraldcorp.com)

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