SEOUL (Reuters) - South Korea’s Celltrion Healthcare Co Ltd, the marketing affiliate of Celltrion Inc (068270.KQ), on Wednesday said it plans to raise at least 799.6 billion won ($712.74 million) in an initial public offering (IPO) planned next month.
Celltrion Healthcare, which exclusively markets, sells and distributes Celltrion’s biosimilar drugs - copies of biotech drugs - plans to sell 24,604,000 new shares at an indicative price range of 32,500 won to 41,000 won per share, the company said in a filing to the Korean exchange.
A company official said the listing may help build direct sales networks overseas and diversify its product portfolio beyond Celltrion products.
He said the company, in which Celltrion Inc’s founder Seo Jung-jin owns a 44.12 percent stake, aims to list its new shares on the junior KOSDAQ market by end-July, after setting its IPO price around July 17.
Reporting by Hyunjoo Jin; Editing by Sherry Jacob-Phillips