Deals
Samsung Biologics Korean IPO to Raise as Much as $2 Billion
- Samsung Electronics to sell 5.5 million Biologics shares
- Company makes complex biopharmaceuticals for the drug industry
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Samsung Biologics Co. is seeking to raise as much as 2.25 trillion won ($2 billion) from a South Korean initial public offering, taking an important step toward its goal of becoming the world’s largest contract manufacturer of biological medicines.
The listing of the business, which makes complex drugs called biologics, will help the country’s largest conglomerate tap a new source of growth. With the smartphone market nearing saturation, Samsung Group, which controls more than 50 companies with interests from TVs to finance, has invested in areas such as pharmaceuticals.