CBI Investment 'Kineta'...Ready for KOSDAQ IPO Launch

[Asia Economy Reporter Park Jihwan] CBI, a company listed on KOSDAQ, has officially launched the domestic initial public offering (IPO) of Kyneta, a U.S. immuno-oncology drug development company in which it has invested.

According to CBI on the 15th, Kyneta held a kickoff meeting on January 11 (local date) at its headquarters in Seattle, USA, with the lead underwriter Eugene Investment & Securities, law firms Hwawoo (Korean law firm) and Orrick (U.S. law firm), and EY accounting firm to prepare for the KOSDAQ IPO.

Since last year, Kyneta has been preparing for the domestic IPO and received a TCP qualification rating necessary for listing from a leading domestic technology evaluation firm, based on its development capabilities including the VISTA-target immuno-oncology drug currently in clinical Phase 1/2a preparation. It completed the preliminary review request for the IPO in July this year and is expected to complete the IPO within this year.

Kyneta has secured investment commitments exceeding $10 million from U.S. investors. It has already received a merger proposal from a U.S. SPAC and is preparing for a simultaneous listing on NASDAQ along with the domestic IPO.

CBI, a company spun off from Cheongbo Industry last year, initially invested $10 million in Kyneta as a foothold for full-scale entry into the global bio market, acquiring an 8.4% stake. If additional investments agreed upon by both parties proceed, it is expected to solidify CBI’s role as a strategic investor (SI) and maximize investment returns through Kyneta’s domestic listing.

Oh Kyungwon, CEO of CBI, stated, "While most foreign bio companies listed in Korea have been Korean-founded or Korean shareholder-owned overseas Korean enterprises, this IPO of Kyneta in Korea is significant as it could be the first domestic listing of a foreign original bio company composed solely of U.S. locals." He added, "With Kyneta’s entry into Korea, it is expected to serve as a meaningful catalyst contributing to the growth of the domestic bio industry by linking production and sales between foreign and domestic bio companies."

CBI plans to use Kyneta as its first case to discover additional investment opportunities in global bio companies through strategic alliances with Kyneta, thereby establishing a new business model. At the same time, it is signaling a transformation into a global bio hub company connecting domestic and overseas bio industries.

This content was produced with the assistance of AI translation services.