BDI, US Subsidiary Ellison Smoothly Progresses Nasdaq Listing Process

[Asia Economy Reporter Hyungsoo Park] VIDI announced on the 15th that its U.S. subsidiary, Ellison Pharmaceuticals (Ellison), is smoothly progressing with its initial public offering (IPO) process. Ellison plans to raise up to $42 million (approximately 47.9 billion KRW) through the IPO to invest in the development of anticancer drugs.

Ellison submitted a securities registration statement (Form S-1) for the initial public offering of common stock to the U.S. Securities and Exchange Commission (SEC) on the 24th of last month (local time). The lead underwriter is ThinkEquity.

Ellison is currently conducting a pre-IPO with the lead underwriter, ThinkEquity. Although detailed progress cannot be disclosed due to regulations, it was introduced that the process is proceeding smoothly. According to industry sources, Ellison’s corporate value is estimated to be up to 700 billion KRW. The corporate value is expected to increase further depending on the clinical results of each pipeline after listing.

Ellison plans to use the raised funds for the development costs of key pipelines including the second-line treatment for pancreatic cancer, “Glufosfamide,” the lung cancer treatment “ILC,” and the brain cancer treatment “DBD.” It also plans to use the funds for portfolio expansion through new pipelines and operating expenses.

A VIDI official said, “Ellison estimated in the securities registration statement that the annual demand for Glufosfamide will reach $2 billion (approximately 2.3 trillion KRW),” adding, “The annual demand for the lung cancer treatment ILC and the brain cancer treatment DBD is estimated at $10 billion (11.5 trillion KRW) and $3 billion (3.45 trillion KRW), respectively.”

He continued, “Ellison’s corporate value is expected to grow rapidly depending on the clinical results of pipelines with large market potential,” and added, “VIDI will work closely with Ellison to ensure clinical success.”

In November 2020, VIDI secured a major shareholder position by acquiring 2.4 million shares (37.5%) of Ellison for $12 million (approximately 13.4 billion KRW).

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