Samsung Biologics starts IPO process, discloses 2015 revenue and names Benepali as main product
Details of the request were published today (here in Korean) in a document revealing that Samsung Biologics generated revenue of KRW91.3bn ($82.7m) last year.
Net profit for the 12 month period ended December 31 was KRW904.9m according to the filing. Samsung Biologics also stated that it employs 1213 people.
Benepali, a version of Amgen’s Enbrel (etanercept), is identified as the firm’s “main product.”
Biogen makes Benepali for Samsung Bioepis. Samsung Biologics owns 91% of Bioepis with Biogen holding the remaining shares.
The Samsung Biologics IPO prospectus, which is being reviewed by Korean financial regulators, does not give any indication of the value of the flotation. The process is expected to take 45 days.
A Samsung Biologics spokesman declined to provide any additional information, citing IPO publicity guidelines.
Capacity expansion
The biologics contractor – part of Korean conglomerate Samsung – announced its intention to go public and list on the Korea Composite Stock Price Index (KOSPI) in April, explaining the move will fund “investments and research into technology innovation.”
Previously Samsung has said it planned to use the proceeds of the IPO to fund expansion of its biologics manufacturing capacity, which is currently around 180,000 litres.
Last December, the firm said it would spend $740m (€662m) to build a third facility at its mammalian cell culture manufacturing site in Songdo, South Korea.
Samsung also said it would use the money raised through the IPO to fund growth of its business.
Samsung already counts Bristol-Myers Squibb (BMS) as a customer. In July 2013 the firm signed a 10-year deal to produce Bristol’s monoclonal antibody cancer treatment Yervoy (ipilimumab). The agreement was extended the following April.
Swiss drug firm Roche is also a Samsung customer.
Samsung Biologic’s biosimilars development subsidiary - Samsung Bioepis - was expected to list on the Nasdaq Stock Market earlier this year. However, the plan is believed to be on hold.
