Singapore pharma firm debuts on Korean main bourse

The firm develops biosimilars, new antibody therapeutics.

Singapore-based biopharmaceutical company Prestige BioPharma has become the first Singapore company to be listed on the Korea Exchange (KOSPI).

The firm focuses on developing biosimilars and new antibody therapeutics.

According to reports, Prestige BioPharma has debuted on the KOSPI due to its business relations with Prestige Biologics, a biologics contract development manufacturing organisation that would manufacture the firm’s core products and has facilities in Korea.

“Our listing is an important inflexion point for Prestige BioPharma as we now have ample resources to pursue our expansion plans in the global biopharmaceutical market, “ CEO Lisa Park said. “With our biosimilar and antibody drugs in the pipeline, we are very excited about our growth prospects.”

The firm’s initial public offering of 15,341,640 DR, at $38.2 (₩32,000) a share received strong demand from investors, with the public offer trance of 20% being about 237 times oversubscribed.

Meanwhile, the placement tranche of 12.3 million DR was approximately 800 times oversubscribed, the firm said.

The counter closed at $50.8 (₩42,600) on its second day of trading on 8 February, a premium of about 33% over its IPO price.