Samsung Biologics 's Next Cash Cow Could Be This $8 Billion Contract Drugmaker
11/11/2016 6:59:03 AM
Samsung can’t seem to catch a break. Just a month after causing the biggest disaster in smartphone history, the tech giant had to recall almost 3 million of its washing machines. And just on Tuesday, the South Korean company’s headquarters in Seoul were raided by prosecutors.
This week, Samsung is welcoming some better news.
On Thursday, the conglomerate’s contract drug-manufacturing arm will go public on Korea’s main bourse Kospi, and is set to be one of the country’s biggest IPOs ever. Samsung BioLogics said it would sell 16.5 million shares, and after pricing its initial public offering at the top end of its range, at 136,000 won ($123.17) a share, the company is on track to raise around $2 billion, valuing the contract drugmaker at about $8 billion.
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