Prestige Biopharma Debuts on KOSPI on March 5, 2021

Prestige Biopharma, a Singapore-incorporated pharmaceutical company, became the first Singapore-based firm to be listed on the Korean stock market (KOSPI), according to a report by Singapore Business Review on March 9.

Prestige Biopharma is a biopharmaceutical company focused on the development of biosimilars and antibody therapeutics.

The company made its debut on KOSPI in connection with its business relationship with Prestige Biologics. Prestige Biologics, based in Korea, is a contract development and manufacturing organization (CDMO) that produces Prestige Biopharma’s key products and operates manufacturing facilities.

Soyeon Park, CEO of Prestige Biopharma, stated, “The KOSPI listing marks a significant milestone for Prestige Biopharma, providing us with a strong foundation to expand our presence in the global biopharmaceutical market. We are very pleased with the growth prospects of our biosimilars and antibody therapeutics currently under development.”

Prestige Biopharma offered a total of 15,341,640 depositary receipts (DRs) in its initial public offering, with a target price of USD 38.2 (KRW 32,000) per share. The IPO attracted strong investor demand, driving up its popularity. On the second day of trading, March 8, the stock closed at USD 50.8 (KRW 46,000), representing a 33% premium over the IPO price.

Reference: Business Korea (https://www.businesskorea.co.kr)