Korean Billionaire's Gains Pile Up as Pharma Stock Surges 900%
Wockhardt Ltd.'s Ace Proxyvon tablets are arranged for a photograph in Mumbai, India, on Thursday, Feb. 20, 2014. The U.S. is increasing scrutiny of generic drugs made in India, and in the past nine months banned imports from four plants belonging to Ranbaxy Laboratories Ltd. and Wockhardt Ltd.
Photographer: Dhiraj Singh/BloombergThe South Korean man who founded two drug companies that are among Asia’s best-performing stocks for the past year is seeing his fortune climb after vaulting into the region’s billionaire’s club.
Hanmi Science Co. has surged 971 percent while its subsidiary Hanmi Pharmaceutical Co. has gained 805 percent through yesterday over the last 12 months after a string of licensing deals with global drugmakers. The rally gave founder Lim Sung-ki a net worth of about $2.7 billion as of Monday’s close, according to the Bloomberg Billionaires index.