SK Biopharm President Jo Jung-woo: "Leap to a Global Comprehensive Pharmaceutical Company"

Cho Jung-woo, CEO of SK Biopharm, is delivering a commemorative speech at the SK Biopharm KOSPI listing ceremony held on the 2nd at the Korea Exchange in Yeouido, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Cho Hyun-ui] SK Biopharm, regarded as the biggest IPO in this year's market, was listed on the Korea Composite Stock Price Index (KOSPI) on the 2nd.

At the listing ceremony held at the Korea Exchange, Cho Jung-woo, CEO of SK Biopharm, stated, "With this listing as a milestone, we will develop into a global comprehensive pharmaceutical company," adding, "We will share our business model with domestic and international pharmaceutical companies and collaborate to help South Korea become a powerhouse in pharmaceuticals and bio industries."

Based on the demand forecast for institutional investors held on the 17th and 18th of last month, SK Biopharm set the public offering price at 49,000 KRW. A total of 1,076 institutional investors from home and abroad participated, recording a competition rate of 835.66 to 1. The subscription competition rate for general investors closed at 323.02 to 1. It also gathered subscription deposits amounting to 31 trillion KRW, the largest scale in the history of domestic IPOs.

SK Biopharm holds two new drugs approved by the U.S. Food and Drug Administration (FDA). The epilepsy treatment drug 'Cenobamate' is the first case of a domestic company developing and directly selling a drug without technology export. The sleep disorder treatment 'Solriamfetol' is a new drug for which SK Biopharm completed Phase 1 clinical trials and exported the technology; it is currently sold in the U.S. and Germany.

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