April 25, 2024

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[THE INVESTOR] Samsung BioLogics’ market value has surpassed that of its crosstown rival Celltrion for the first time, becoming the nation’s third most valuable company only behind Samsung Electronics and SK hynix.

On April 10, its shares gained 3.74 percent to trade at 583,000 won (US$546.6), pushing its market cap over 38.57 trillion won. The stock price has more than quadrupled since its market debut in November 2016.

With its recent gains, the firm has taken on market heavyweights such as Celltrion, Hyundai Motor and POSCO on the nation’s main bourse KOSPI.

The stock has been extending the upward move since April 6 when its affiliate Samsung Bioepis announced a plan to launch its biosimilar drug of AbbVie’s Humira from October in Europe following a patent settlement with the original drug maker.

The stock gained a further boost on April 10 following news reports that Samsung C&T, Samsung Group’s de facto holding unit, is considering raising up to 3 trillion won to buy a 30 percent stake in Samsung Bioepis. Samsung C&T, however, has denied the reports.

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