Samsung's biopharma unit makes successful public debut
BioLogics shares closed at 144,000 won ($125) in their first trading day. It was 5.9 percent higher than the initial public offering (IPO) price of 136,000 won. The benchmark KOSPI index was up 2.3 percent.
The contract manufacturer of biological drugs was launched in April 2011 by Samsung Group which is struggling to make a foray into the healthcare industry.
As part of its efforts to push for biotech drugs, Samsung Bioepis was established in 2012 to develop biosimilars, or copycats of biological medicine.
Samsung Electronics has been struggling to find new growth engine amid stiff competition in the global smartphone market that helped the tech behemoth generate at least half of its revenue.
Samsung BioLogics is 31.49 percent owned by Samsung Electronics and 43.44 percent by Samsung C&T, the de-facto holding company of Samsung Group. ■