South Korea biopharma IPOs highlight demand

Two South Korean firms, Corestem and Kyongbo Pharmaceutical, this week showed solid investor demand for biopharma stocks in the country. Stem cell therapy firm Corestem, which is at work on an ALS candidate with Hanyang University, priced its IPO shares at KRW16,000 ($14.50) each, above the KRW10,800 to KRW13,200 estimates with 2.5 million new shares offered, according to a broker at South Korea-based NH Investment & Securities. It will list on the Korea Stock Exchange on June 26. Kyongbo Pharmaceutical, an API maker, saw shares in its IPO priced at KRW15,000 each, also above the KRW13,000 to KRW15,000 range with 9.56 million shares offered, the broker said in a phone interview. It will list on June 29. South Korea's Chong Kun Dang Holdings, the parent of Chong Kun Dang Pharmaceutical, owns nearly 60% of the company. Site (Korean language)